File #: T2026-0326    Version: * Name: Approving a proposed Tenth Amendatory Agreement between the City of New York and Penn South in relation to an exemption from real property taxes for multiple blocks in Manhattan.
Type: Resolution Status: Introduced
Committee: Committee on Finance
On agenda: 1/29/2026
Enactment date: Law number:
Title: Resolution approving a proposed Tenth Amendatory Agreement between the City of New York and Penn South in relation to an exemption from real property taxes for the properties located at 212-226 9th Avenue (Block 747, Lot 1), 311-351 West 24th Street (Block 748, Lot 1), 250-268 9th Avenue (Block 749, Lot 1), 313 8th Avenue (Block 749, Lot 24), 270-296 9th Avenue (Block 751, Lot 1), and 305 9th Avenue (Block 752, Lot 1) in Manhattan, pursuant to Section 114 of the Private Housing Finance Law and in accordance with Section 125(1)(a-4) of such Law (Preconsidered L.U. No. )
Sponsors: Erik D. Bottcher
Council Member Sponsors: 1
Attachments: 1. Housing Preservation and Development Letter, 2. Memorandum, 3. Res. No.

Res. No.

 

Resolution approving a proposed Tenth Amendatory Agreement between the City of New York and Penn South in relation to an exemption from real property taxes for the properties located at 212-226 9th Avenue (Block 747, Lot 1), 311-351 West 24th Street (Block 748, Lot 1), 250-268 9th Avenue (Block 749, Lot 1), 313 8th Avenue (Block 749, Lot 24), 270-296 9th Avenue (Block 751, Lot 1), and 305 9th Avenue (Block 752, Lot 1) in Manhattan, pursuant to Section 114 of the Private Housing Finance Law and in accordance with Section 125(1)(a-4) of such Law (Preconsidered L.U. No. )

 

By Council Member Bottcher

 

Whereas, By letter dated December 26, 2025, the Council of the City of New York received a request of the New York City Department of Housing Preservation and Development (“HPD”) for approval of a proposed Tenth Amendatory Agreement between the City of New York and Penn South, a redevelopment company organized pursuant to Article V of the Private Housing Finance Law; and

Whereas, Penn South owns and operates the 2,280 unit cooperative housing development (“project”) located at 212-226 9th Avenue (Block 747, Lot 1), 311-351 West 24th Street (Block 748, Lot 1), 250-268 9th Avenue (Block 749, Lot 1), 313 8th Avenue (Block 749, Lot 24), 270-296 9th Avenue (Block 751, Lot 1) and 305 9th Avenue (Block 752, Lot 1) in Manhattan; and

Whereas, Pursuant to Section 125(1)(a-4) of the Private Housing Finance Law, the Council of the City of New York approved, by adoption of Resolution No. 1632-2021, an additional exemption from real property taxes, other than assessments for local improvements, of all the residential portion of the project for the period commencing with the City’s tax year July 1, 2052, through June 30, 2053, and continuing through the City’s tax year July 1, 2056, through June 30, 2057, providing, however, that the amount of taxes to be paid during such period of tax exemption shall not be less than an amount equal to the greater of (i) ten percent of the annual rent or carrying charges of the project minus utilities for the residential portion of the project, or (ii) $3,477,099.00, the taxes payable by Penn South for the residential portion of the project during the tax year commencing July 1, 2000, and ending June 30, 2001; and

Whereas, Also by adoption of Resolution No. 1632-2021, the Council of the City of New York approved the Ninth Amendatory Agreement between the City of New York and Penn South, which incorporated provisions concerning extension of the Agreement and Penn South’s tax exemption to June 30, 2057; and

Whereas, On October 14, 2025, the State Legislature amended Section 125(1)(a-4) of the Private Housing Finance Law to reduce the minimum tax burden of redevelopment companies, providing that an exemption from real property taxation granted to a redevelopment company pursuant to such section shall not be less than an amount equal to the lesser of (i) five percent of the annual rent or carrying charges of the project minus utilities for the residential portion of the project, or (ii) the taxes payable by such company for the residential portion of the project during the tax year commencing July first, two thousand and ending on June thirtieth, two thousand and one; and

Whereas, In light of the State’s amendment of Section 125(1)(a-4), HPD requests approval of an amendment to Penn South’s Agreement with the City of New York; now, therefore, be it

Resolved, That the Council of the City of New York hereby:

1.                     Approves, pursuant to Section 114 of the Private Housing Finance Law and in accordance with Section 125(1)(a-4) of such Law, the proposed Tenth Amendatory Agreement between the City of New York and Penn South in substantially the form submitted, incorporating provisions concerning the reduction of Penn South’s tax payment to the lesser of (i) five percent of the annual rent or carrying charges of the project minus any utilities for the residential portion of the project, or (ii) the taxes payable by Penn South for the residential portion of the project commencing July 1, 2000 and ending June 30, 2001;

2.                     Authorizes the Mayor or any Deputy Mayor or the Commissioner of the Department of Housing Preservation and Development to execute the Tenth Amendatory Agreement, when approved as to form by the Corporation Counsel; and

3.                     Directs the City Clerk or Acting City Clerk to attest to the same and to affix the seal of the City thereto.

 

Office of the City Clerk,     }
The City of New York        } ss.:

 

I hereby certify that the foregoing is a true copy of a Resolution passed by The Council of the City of New York on January 29, 2026, on file in this office.

 

_______________________
City Clerk, Clerk of Council

 

 

 

LS #20580

1/13/26

NC