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Developers struggle to sell 421a sites as construction deadline looms

(Photo-illustration by Kevin Cifuentes/The Real Deal)
(Photo-illustration by Kevin Cifuentes/The Real Deal)
Source: The Real Deal

A few months ago, Douglaston Development’s Jed Resnick thought he’d discovered an opportunity in the death of the 421a tax break. It wasn’t in condominiums or luxury rentals, the only types of apartment projects that developers say are financially viable without the incentive. The silver lining Resnick saw was in the new building filings that had flooded city permitting offices since late last year.  As the real estate industry called on state lawmakers to renew

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