News & Analysis as of

Economic Development New York

Akerman LLP - HR Defense

New York City's Commercial Real Estate Tax Industrial and Commercial Abatement Program Extended to 2030 With Modifications

The New York City Industrial and Commercial Abatement Program (ICAP) has been extended to remain in effect through 2030, with some modifications. The New York state budget bill for FY 2026, signed by Governor Kathy Hochul on...more

Herbert Smith Freehills Kramer

Rethinking real estate A US outlook - Our partners and key industry figures discuss what’s next for investment and development in...

Despite recent macroeconomic uncertainty, with regards to investment, development, and optimism for the future, New York City is in a stronger position than many seem to believe. This was the key takeaway from 'Rethinking...more

Cozen O'Connor

City Council Approves Atlantic Avenue Mixed Use Plan

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On May 28, 2025, the New York City Council approved the city-led Atlantic Avenue Mixed Use Plan (AAMUP, pronounced "aim up"), rezoning a low-density industrial stretch of Atlantic Avenue and surrounding blocks in Brooklyn’s...more

Herbert Smith Freehills Kramer

Kramer Levin Hosts Program with NYCEDC and Top CRE Executives to Discuss NYC’s Waterfront Development Potential and Promising Real...

Despite recent macroeconomic uncertainty, with regard to investment, development and optimism for the future, New York City is in a stronger position than many seem to believe. This was the key takeaway from “Rethinking Real...more

Farrell Fritz, P.C.

From Vacancy to Vibrancy: Empire State Development’s Vision for Long Island Housing

Farrell Fritz, P.C. on

On March 27, 2025, Empire State Development, New York State’s chief economic development agency, announced the launch of the Long Island Forward Housing Program (LIFHP), a $10 million initiative designed to promote and...more

Cozen O'Connor

Major Long Island City Rezoning Enters Public Review

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On April 21, 2025, the New York City Planning Commission (CPC) certified the city-led Long Island City Neighborhood Plan, known as OneLIC, into public review. OneLIC seeks to build on Long Island City’s status as one of...more

Mandelbaum Barrett PC

New York’s Cannabis Regulations: Understanding the Amendments to Proximity Requirements and Public Convenience and Advantage Rules

Mandelbaum Barrett PC on

New York’s Cannabis Control Board (“CCB”) amended its cannabis regulations to refine licensing criteria, adjust distance restrictions, and strengthen public convenience and advantage considerations. These amendments aim to...more

Cozen O'Connor

New York Note: Tin Cup Day, Minority Leader, NYC AI Nexus

Cozen O'Connor on

Last Tuesday, Mayor Adams, along with other mayors of cities throughout New York State, stated the city’s priorities at the state budget “tin cup day.” Adams advocated for “Axe the Tax for the Working Class” legislation,...more

Cozen O'Connor

New York Note: Adams Denied Matching Funds, Adams Advisor Indicted, City Legislation

Cozen O'Connor on

The NYC Campaign Finance Board has denied public campaign funds for Eric Adams’ reelection bid. The Board cited “detrimental” conduct from Adams in their denial. This ruling means that Adams will be ineligible to receive...more

Akerman LLP

New York City’s Industrial and Commercial Real Estate Tax Abatement Program Extended to 2029

Akerman LLP on

New York Governor Kathy Hochul signed the bill on extending the Industrial and Commercial Abatement Program (ICAP) for an additional four years, to March 1, 2029, with no modifications to the program....more

Cozen O'Connor

City Council Approves Bronx-Metro North Rezoning

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On Aug. 15, 2024, the New York City Council approved the Bronx-Metro North Neighborhood Plan, the first New York City Department of City Planning-led neighborhood plan certified and approved under the Adams administration....more

Farrell Fritz, P.C.

Tax Incentives Aim to Drive Real Estate Development Forward

Farrell Fritz, P.C. on

It has long been an accepted reality that very little real estate development gets done in New York State without the help of a myriad of tax incentive packages handed out by state and local governments—and the entities that...more

Akerman LLP

New York’s 421-a (16) Program Extension

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To address the ongoing need for affordable housing in New York, Governor Hochul and the state legislature have passed additional incentives to spur affordable housing development....more

Cozen O'Connor

City of Yes for Housing Opportunity to Include New, Higher-Density Residential Zoning Districts

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On March 28, 2024, the Adams Administration announced that its City of Yes for Housing Opportunity zoning proposal would, if approved by the City Council, introduce new, higher-density residential zoning districts to New York...more

Rivkin Radler LLP

LIBN Op-Ed — Sewers: Good for the Environment, Good for the Economy

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Not often is a policy initiative good for both the environment and business. Sewer expansion is one of those initiatives. The development of sewer systems in Suffolk County would not only reduce health-harming nitrogen levels...more

Cozen O'Connor

New York Note – Executive Director for Housing, City Legislation, Top Lobbyists

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Mayor Adams announced the appointment of Leila Bozorg as the City’s new Executive Director for Housing. Bozorg will report to Deputy Mayor Maria Torres-Springer as part of an expanded housing, economic development, and...more

Cozen O'Connor

NYC Mayor Adams Launches Extensive Zoning Initiative to Promote Residential Development

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On September 21, 2023, the Adams administration revealed details for the third of three City of Yes zoning initiatives, City of Yes for Housing Opportunity. In line with Mayor Adams’ moonshot goal of providing 500,000 new...more

Cole Schotz

New M-CORE Program to Incentivize Manhattan Office Renovations

Cole Schotz on

The New York City Economic Development Corporation (NYCEDC) and the New York City Industrial Development Agency (NYCIDA) have launched the Manhattan Commercial Revitalization (M-CORE) Program to incentivize owners and...more

Cozen O'Connor

Adams Administration Unveils the “City of Yes for Economic Opportunity Zoning Proposal”

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On June 13, 2023, the Adams administration announced the “City of Yes for Economic Opportunity” proposal. This proposal is intended to support small business growth and job creation through changes to the Zoning Resolution....more

Akerman LLP

Extension of Incentive Programs in New York State’s 2024 Budget

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On May 1, 2023, the New York State Legislature voted to adopt the Fiscal Year 2024 budget which included the renewal and extension of the sunset date of five programs that abate real estate taxes, reduce commercial rent tax,...more

Cozen O'Connor

New York Note: State of the City, Asylum Seeker Plan, Delivery Worker Wage

Cozen O'Connor on

Speaker Adams Delivers State of the City Address- Last Wednesday, Speaker Adams delivered her second State of the City address. She focused on “People Over Everything” and outlined several proposals on economic mobility,...more

Harris Beach Murtha PLLC

New York’s FAST NY Program to Provide $200 Million in Grants to Municipalities and Economic Development Agencies to Prepare and...

On Monday, December 5, 2022, Empire State Development (“ESD”) announced that it will be providing up to $200 million in grants for the preparation and development of commercial sites across New York state to promote...more

Cozen O'Connor

Mayor Adams Outlines Vision for "City of Yes"

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On June 1, New York City Mayor Eric Adams announced his “City of Yes” plan to amend the city’s zoning tools to support small businesses, create affordable housing, and promote sustainability. His plan includes three major...more

Tarter Krinsky & Drogin LLP

The Constitutionality of New York City’s “Guaranty Law” Remains in Question After Decision by the Second Circuit

For those interested in knowing whether the New York City “Guaranty Law,” which was enacted by the City Council in May 2020 in the wake of the COVID-19 pandemic, will survive a challenge to its constitutionality, the wait...more

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