Daniel M. Bernstein joined Rosenberg & Estis, P.C. in 2017 and is a Member and Leader of the firm’s Tax Incentives & Affordable Housing Department. Bernstein’s practice involves affordable housing and urban development issues in New York, obtaining property tax exemptions and abatements (485-x / ANNY for new development; 467-m / AHCC for commercial conversions; new and old 421-a including requests for extension of 421-a(16) Completion Date, ICAP/ICIP, 420-c, 420-a, J-51, Article XI, etc.), development rights bonuses and incentives / zoning requirements (Voluntary and Mandatory Inclusionary Housing, FRESH program, Zoning for Quality and Affordability) for New York City projects. Bernstein is experienced in the assessment and taxation of real property in New York, as well as acquisition, financing, leasing, Declarations of Condominium, and condominium offering plans. Bernstein also has extensive experience helping real estate developers obtain economic incentives for their residential, commercial, or mixed-use projects. Bernstein also performs diligence on such matters for lenders and purchasers of such NYC properties.
Prior to joining Rosenberg & Estis, Bernstein spent over a decade at two New York City real estate law firms representing some of the city’s major residential, commercial, and mixed-use real estate developers. Bernstein began his career working on immigration, healthcare, and public benefit issues at a major New York labor union and for New York not-for-profit organizations, where he handled litigation in U.S. District and Circuit Courts.
Notable Work
Represented multiple NYC
developers in closing Mandatory Inclusionary Housing Restrictive Declarations
(with 421-a property exemptions) to build major residential projects in
re-zoned areas.
Represented not-for-profit owners
in obtaining and maintaining eligibility for 420-a property tax exemptions.
Formed fee and leasehold
condominiums for developers of NYC properties, to allow their properties to
optimize eligibility for property tax incentives (421-a, 420-c, Art. XI, ICAP,
420-a, etc.) and to align with business / financing goals.
Amended Regulatory Agreements for
affordable rent stabilized NYC properties allowing them to utilize Private
Housing Finance Law (PHFL) Section 610 to collect rent subsidies in excess of
Legal Rents.
Represented developers including
FRESH zoning benefits in their mixed-income predominantly residential projects,
qualifying for Affordable New York Housing Program Benefits aka 421-a property
tax benefits and creating a condominium structure to align property tax
incentive and business / ownership / leasing objectives.
Represented developer making units
affordable under both the 421-a program and Privately Financed Affordable
Senior Housing to achieve both property tax and zoning benefits as well as
deeper affordability of certain units.
Diligenced countless Regulatory
Agreements and Property Tax Incentive programs for potential lenders and
purchasers.
Represented purchasers of
residential development rights generated via the Inclusionary Housing program.
Represented early adopters of the
new “Affordable New York Housing Program” who switched to this program from the
old 421-a tax exemption program.
Prepared and filed applications
for development rights under the NYC Inclusionary Housing Program, including for
projects qualifying for tax exemption under both the Affordable New York
Housing Program and the “old” 421-a program.
Represented NY Affordable Housing
developer in connection with 420-c property tax exemption program for project
receiving low income housing tax credits.
Represented national residential
developer on New York City residential and mixed-use rental projects in
connection with applications for 421-a property tax exemptions, analyses of
maximum allowable rents under the 421-a tax exemption program, and preparation
of 421-a lease riders for market-rate and affordable units.
Represented national residential
developer on New York City residential condominium and cooperative projects
through property tax exemption and condominium offering plan work. This
involved guiding the client through the 421-a property tax exemption program
and including for sale affordable units in mixed-income projects.
Represented New York developer on
several of their mixed-income mixed-use projects, which included market-rate
residential condominium units and rentals, affordable rental units, and
retail/commercial space consisting of hundreds of residential units. This
involved managing property tax exemption and abatement applications (421-a
property tax exemption, 420-c property tax exemption, and ICAP property tax
abatement), refining Declaration of Condominium to maximize property tax
exemption and abatement programs, coordinating with Offering Plan counsel, and
more.
Represented New York developer of
new-construction hotel and medical office property in connection with ICAP
property tax abatement program and projection of property taxes with and
without ICAP benefits.
Represented developer of
new-construction retail property in connection with ICAP property tax abatement
program and coordination with leasing counsel regarding tax escalation clauses
for tenants.
Represented New York developer of
existing hotel property in connection with ICAP property tax abatement program
and projection of property taxes with and without ICAP benefits.
Represented purchaser of existing
residential property and conducted due diligence regarding 421-a property tax
exemption benefits and the potential value of the property tax benefits at
issue.
Represented seller of hotel
property with pending application for ICAP property tax abatement benefits.
Coordinated with seller’s transactional counsel and with purchaser’s
transactional counsel.
Represented developer of
new-construction commercial property in request to have the New York City Department
of Finance remove building assessed value under Administrative Code provisions.
Projected assessed value and net
operating income of major residential projects with and without various
property tax exemption (421-a) and abatement (ICAP) programs. Assisted
developers in making determination whether to make residential units affordable
under the 421-a program.
Classes / Seminars
In-person CLE: “Current Issues in
Affordable Housing in New York City,” Organizer, NYC Bar Association, May 2025
R&E Webinar: “J-51 Reform
Program: April 30 Filing Deadline,” Co-Presented with R&E Member Benjamin
M. Williams, March 2025
R&E Webinar: “Midtown South
Mixed-Use Plan (MSMX),” Co-Presented with R&E NYC Development Group Member
Adam R. Sanders and Counsel David J. Rosenberg, March 2025
R&E Webinar and In-person CLE: “NYC
Property Tax Incentive and Regulatory Due Diligence 101: Important Updates for
NYC Purchasers and Lenders,” December 2024
In-person CLE: “Introduction to
NYC Property Tax Incentives for Affordable Housing”, Program Instructor, NYC
Bar Association, November 2024
In-person CLE: “2024 Update: NYC
Affordable Housing Property Tax Incentives”, Co-Presenter, Rosenberg &
Estis, October 2024
“Investment Outlook: Strategies To
Offset Smaller Margins On Affordable Housing,” Moderator, Bisnow, August 2024
R&E Webinar: “Meet
the new New York Development Incentives: 421-a, 485-x and 467-m,” May 2024
In-Person CLE: “Current Issues in
Affordable Housing in NYC: The Migrant Surge”, Organizer, NYC Bar Association,
May 2024
R&E Webinar: “NYS PHFL Create
Affordable Housing Opportunities,” December 2023
“Investment Outlook: Strategies To
Offset Smaller Margins On Affordable Housing,” Moderator, Bisnow, August 2023
Inside R&E Podcast: “The
Empire State Development Gowanus Program - Gov. Hochul’s Plan to Replace
421-a(16) for Residential Gowanus,” Speaker, July 2023
In-Person CLE: “Current Issues in
Affordable Housing in NYC,” Organizer, NYC Bar Association, May 2023
R&E 421-a Webinar:
“Affordability, Rent Stabilization, Deregulation and Recent Litigations,” March
2023
R&E Webinar: “Housing New York
– Law Changes In Gov. Hochul’s Budget Proposals,” March 2023
R&E Webinar: “421-a Buildings:
Wage Issues,” December 2022
“Affordable Housing Pipeline,”
Bisnow’s Affordable Housing Summit, August
2022
“Affordable Housing Pipeline,”
Moderator, Bisnow’s Affordable Housing Summit, August 2020
“NYC Residential Developer &
Operator Lunch-and-Learn,” Speaker, March 2020
“Housing Stability and Tenant
Protection Act of 2019 (‘HSTPA’) - What Owners and Tenants (And Their Counsel)
Need to Know,” Speaker, October 2019
“Affordable Financing and
Regulation Strategy,” NYC Affordable Housing Summit, Moderator, August 2019
CLE: “Current Issues in Affordable
Housing in New York City,” Speaker, May 2019
“New Housing Tax Incentives,”
Speaker, NYC Bar Association, 2017
“In the Zone: Updates on Mandatory
Inclusionary Housing in NYC,” Speaker, Venable LLP, 2016
“Development in The Wake of
421-a,” Speaker, NYC Bar Association, 2016
