Commercial Revitalization Program

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About

Finance, Department of City
The Commercial Revitalization Program (CRP) encourages investment in certain areas of the City. This includes older commercial locations used to increase occupancy of office and retail space. The program provides tax benefits through property tax abatements and Commercial Rent Tax reductions. Eligible property must be non-residential or mixed-use premises built before 1975 and located in certain abatement zones.

Benefit
If you qualify, the owner's tax bill will be reduced and the benefit will be passed on to you as a reduction in rent. You will receive either a 5 Year or 3 Year Abatement, depending on the lease term.

 

Lease Term

Abatement Period

Year 1

Year 2

Year 3

Year 4

Year 5

Minimum 3 years less than 5 years  3 Years Property tax liability or $2.50 per sq. ft. whichever is less  2/3 of initial abatement  1/3 of initial abatement  Abatement Expires Abatement Expires
5 years or more 5 Years Property tax liability or $2.50 per sq. ft. whichever is less  Property tax liability or $2.50 per sq. ft. whichever is less  Property tax liability or $2.50 per sq. ft. whichever is less  2/3 of initial abatement  1/3 of initial abatement


Eligibility

Location
Eligible buildings must be located in the Title 4 abatement zone: Murray Street and Frankfort Street on the north, South Street on the east, Battery Place on the south, and West Street on the west.

Special Provisions for Fulton Street Hub Tenants
If you were a tenant in the Fulton Street Hub with a CRP Certificate of Abatement and your lease was terminated due to a takeover by eminent domain, you are eligible to receive a second Certificate of Abatement at no cost if you:

  • Relocate to an eligible location within the Lower Manhattan abatement zone;
  • Relocate within eighteen months after the first lease ends, or eighteen months after July 26, 2006 (the effective date of the law), whichever is later;
  • Meet all other CRP eligibility requirements, including expenditure requirements.

Lease Information
The lease must be a "New," "Renewal," or "Expansion" lease and must begin on or before March 31, 2016. Subleases are not eligible. The lease term is based on the number of employees at the location sixty days after the lease begins. If there are fewer than 125 employees, the lease term must be at least three years.  If there are more than 125 employees, the lease term must be for at least ten years.

Eligible Properties
Must be used for office space, retail stores, or private elementary or secondary schools.


Next: Apply

NYC Department of Finance (DOF)
Commercial Revitalization Program
66 John Street, 13th Floor
New York, NY 10038
exemptionspolicy@finance.nyc.gov
Website: http://www.nyc.gov/dof

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