New NYC real estate program to impact Israeli real estate investors
Gov. Hochul announced goals for a Replacement 421-a Program. Yariv Ben-Ari, partner in Herrick’s Real Estate Department and a co-chair of the firm’s Israel practice group, commented on the new program by saying: “When investing in residential real estate in New York, the 421-a program, and it’s various iterations, have always been a meaningful incentive. Offshore investment into the U.S., particularly in real estate, has many considerations – especially in tax structuring. In light of ongoing tax changes, both in the U.S. and Israel, and in the absence of the 421-a and the uncertainty of what will replace it, cross border investments into the U.S. may prove challenging and question the viability of many such investments.”
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