New York: New York City Finance Department Determines Eligibility for Industrial, Commercial Property Tax Abatement Benefits

The New York City Department of Finance (DOF) determined in a letter ruling whether an apartment hotel building, where individual occupancies would not exceed six months, would be eligible for Industrial and Commercial Abatement Program (ICAP) benefits. The DOF determined that while the subject property as described could possibly be eligible for ICAP benefits based on the information provided, it was questionable whether the subject property would meet all eligibility requirements for such benefits. The DOF stated that eligibility for ICAP benefits would depend on, among other factors, the structure of the subject property, the terms and dates upon which ...