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Posted: December 31, 2024
2024 Year in Review: Neil Weisbard, Seyfarth Shaw LLP
Partner
Seyfarth Shaw LLP
What noteworthy transactions or deals from this year best exemplified key market trends or shifts?
NYC is doing everything in its power to address the housing crisis, especially in regard to the creation of affordable dwelling units. The city just approved a major overhaul of the Zoning Resolution providing floor area bonuses for developments that contain affordable housing. This in conjunction with the NY State re-establishment of the 421-a tax exemption program (485-x - Affordable Neighborhoods for New Yorkers) will hopefully generate a significant amount of not only affordable units but accompanying market-rate units as well.
What was your greatest professional accomplishment or most notable project, deal, or transaction in 2024?
I secured approval for a rezoning and text amendments to NYC’s Zoning Resolution, which will facilitate the construction of a 112,000 s/f, 109-unit, approximately of which 27 will be affordable, mixed-use, nine-story building in Brooklyn. I oversaw the entire rezoning process, including presenting at initial meetings with the city and the local community board to design a development that would not only be beneficial to the firm’s client, but also to the surrounding neighborhood and the city itself. The rezoning resulted in an almost 750% increase in permitted floor area and exemplifies developers desire to build affordable units.
What emerging trends will drive investment and development in 2025?
I believe that the changes to the city’s zoning resolution and the state tax law will drive investment and development in 2025. I am excited and hopeful that by year end, we will see a significant increase in the amount of development projects commenced in New York City.
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