Immediate-Tax-Benefits-at-The-Capri
Provide Buyers Up to $500 a Month in Savings
NEW YORK CITY, June 26 – A large tax benefit is now available immediately to buyers at The Capri Tower Residences, a midtown residential development being converted from rental to luxury condominiums, notes Arun Bhatia, president and chief executive officer of Arun Bhatia Development Organization, the project’s developer.
The Capri is located at 235 East 55th Street in the heart of Manhattan’s midtown east.
The tax benefit stems from New York City’s 421-a Property Tax Exemption program, established in the 1970’s to encourage housing development. Developers who qualify under the 421-a program can receive a 10-year tax exemption from property taxes for newly constructed housing. The Capri was constructed in 2001.
“It normally takes two to three years to get formal approval of a 421-a application, forcing buyers to wait before they can take advantage of this very valuable tax exemption,” notes Mr. Bhatia. “But at The Capri, we applied for (and received approval for) the exemption long enough in advance to allow every single buyer to experience the tax benefits immediately – no ands, ifs or buts. Indeed, it’s already embedded in our offering plan.”
Because of the immediacy of the 421-a benefit, says Mr. Bhatia, the average buyer of a one-bedroom condominium at The Capri is paying only about $200 in real estate taxes a month – compared to monthly real estate taxes of between $600 and $700 at comparable condos that lack the 421-a exemption.
“Thus, over the ten years during which The Capri’s taxes are abated under the program, a typical buyer can save tens of thousands of dollars,” he points out. “That’s a considerable amount of money in your pocket that can be used to decorate your new home or however you please. It’s a great perk.”
Designed by esteemed architect Costas Kondylis, The Capri is an intimate community of 40 tower condominium residences with a maximum of three homes per floor. The one-, two- and three-bedroom homes begin on the 33rd floor and boast spectacular Central Park and East River views seen through the floor to ceiling glass windows. Beautifully renovated interiors feature Cashmere Gold granite kitchens with Sub-Zero and Miele appliances, Crema Marfil marble baths and diagonally laid 3” maple hardwood flooring throughout. Available for immediate occupancy, the residences range in size from 651 to 1,930 square feet, and are priced from $855,000 to $3,400,000.
Additional information can be obtained by visiting the website at www.thecaprinyc.com, or by calling the on-site sales center at 212-980-8555. The Marketing Directors, Inc. is the exclusive marketing and sales agent.
Arun Bhatia Development Organization has established a distinguished reputation in Manhattan for providing residences of uncompromising quality, value and prestige. Its developments include The Strand, The Dunhill, The Whitney, The Park East, The Stanford and The Chelsea Regent. The organization’s innovative approach to the development and marketing of residential properties has earned it high praise from the building industry, including recognition from The National Association of Home Builders.
FROM: ARUN BHATIA DEVELOPMENT CORPORATION
500 West 43rd Street
New York, NY 10036
CONTACT: Jeannette Boccini or David M. Grant, LVM Group Inc
jeannette@lvmgroup.com; 212-499-6566
david@lvmgroup.com; 212-499-6565
NEW YORK CITY, June 26 – A large tax benefit is now available immediately to buyers at The Capri Tower Residences, a midtown residential development being converted from rental to luxury condominiums, notes Arun Bhatia, president and chief executive officer of Arun Bhatia Development Organization, the project’s developer.
The Capri is located at 235 East 55th Street in the heart of Manhattan’s midtown east.
The tax benefit stems from New York City’s 421-a Property Tax Exemption program, established in the 1970’s to encourage housing development. Developers who qualify under the 421-a program can receive a 10-year tax exemption from property taxes for newly constructed housing. The Capri was constructed in 2001.
“It normally takes two to three years to get formal approval of a 421-a application, forcing buyers to wait before they can take advantage of this very valuable tax exemption,” notes Mr. Bhatia. “But at The Capri, we applied for (and received approval for) the exemption long enough in advance to allow every single buyer to experience the tax benefits immediately – no ands, ifs or buts. Indeed, it’s already embedded in our offering plan.”
Because of the immediacy of the 421-a benefit, says Mr. Bhatia, the average buyer of a one-bedroom condominium at The Capri is paying only about $200 in real estate taxes a month – compared to monthly real estate taxes of between $600 and $700 at comparable condos that lack the 421-a exemption.
“Thus, over the ten years during which The Capri’s taxes are abated under the program, a typical buyer can save tens of thousands of dollars,” he points out. “That’s a considerable amount of money in your pocket that can be used to decorate your new home or however you please. It’s a great perk.”
Designed by esteemed architect Costas Kondylis, The Capri is an intimate community of 40 tower condominium residences with a maximum of three homes per floor. The one-, two- and three-bedroom homes begin on the 33rd floor and boast spectacular Central Park and East River views seen through the floor to ceiling glass windows. Beautifully renovated interiors feature Cashmere Gold granite kitchens with Sub-Zero and Miele appliances, Crema Marfil marble baths and diagonally laid 3” maple hardwood flooring throughout. Available for immediate occupancy, the residences range in size from 651 to 1,930 square feet, and are priced from $855,000 to $3,400,000.
Additional information can be obtained by visiting the website at www.thecaprinyc.com, or by calling the on-site sales center at 212-980-8555. The Marketing Directors, Inc. is the exclusive marketing and sales agent.
Arun Bhatia Development Organization has established a distinguished reputation in Manhattan for providing residences of uncompromising quality, value and prestige. Its developments include The Strand, The Dunhill, The Whitney, The Park East, The Stanford and The Chelsea Regent. The organization’s innovative approach to the development and marketing of residential properties has earned it high praise from the building industry, including recognition from The National Association of Home Builders.
FROM: ARUN BHATIA DEVELOPMENT CORPORATION
500 West 43rd Street
New York, NY 10036
CONTACT: Jeannette Boccini or David M. Grant, LVM Group Inc
jeannette@lvmgroup.com; 212-499-6566
david@lvmgroup.com; 212-499-6565
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