New York City-based real estate investment firm The Moinian Group is going vertical on a 35-story, 250-unit apartment development in Manhattan’s Financial District.
The 7 Platt Street project is among the last to take advantage of the city’s 421-a tax exemption, which expired in 2022, according to Matthew Moinian, principal of The Moinian Group. Multifamily projects that qualify for 421-a are exempt from property taxes for a certain number of years following the start of construction, depending on conditions such as project location and affordability component.
The property is expected to open by the end of 2025. In order to keep existing 421-a status, qualifying properties must be completed on or before June 15, 2026.
The expiration of 421-a sparked a rush to get new multifamily projects approved and complete footings for foundations in the first half of 2022, according to The Real Deal.
Designed by New York City-based Hill West Architects, the tower at 7 Platt Street will feature brass trim crisscrossing its glass walls. The property will offer studio, one-bedroom and two-bedroom units, as well as penthouses. Its Financial District location offers access to the nearby Fulton Street subway station, as well as multiple NYC Ferry routes.
Residential amenities will include a fitness center with a rock-climbing wall, a library, work and study pods, lounge spaces, an outdoor deck and TV screening wall, private dining areas, a communal entertaining kitchen and a gaming and virtual reality area. Penthouse residents will also have access to a private lounge.
