The Commercial Expansion Program (CEP) program is designed to increase tenant occupancy in commercial offices and industrial/manufacturing spaces. CEP provides property tax benefits for qualified new, renewal, and expansion leases in commercial offices and industrial/manufacturing spaces built before January 1, 1999. The properties must be located in a designated abatement zone. Applicants are also required to make certain minimum physical improvements to the eligible premises and the common areas.
Eligibility
NYC Department of Buildings (DOB) determines eligibility and approves the application while Finance administers the benefit.
Class 1, 2 and 4 properties
If you receive ICAP, 421-a, 421-b, 421-g or pay PILOTs, your property is NOT eligible for the Solar Electric Generating System Tax Abatement
Benefit:
The amount of the benefit is equal to 20% of the gross system cost paid over a 4 year period. The maximum eligible benefits is $250,000 or $62,500 a year
Duration:
The abatement will be applied to your property for a four-year period starting on July 1 following the Department of Buildings approval.
Cost Services Group is part of the NECS Group of Companies
We are located in Brooklyn, New York at 1274 49th Street Brooklyn NY 11219 Phone: 855.733.1100
