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Commercial Revitalization Program (CRP)
Please see below for renewal applications.
This program is designed to increase commercial tenant occupancy in older buildings in lower Manhattan by encouraging owners to invest in building improvements. The Commercial Revitalization Program (CRP) provides tax incentives through a property tax abatement and a Commercial Rent Tax Special Reduction for nonresidential or mixed-use buildings built before 1975. Your property must be located in a designated abatement zone. You are required to make certain minimum capital improvements to the property to qualify.
Benefit
If you qualify, the owner's tax bill will be reduced and the benefit will be passed on to you as a reduction in rent. You will receive either a 5 Year or 3 Year Abatement, depending on the lease term.
|
Lease Term |
Abatement Period |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 |
| Minimum 3 years less than 5 years | 3 Years | Property tax liability or $2.50 per sq. ft. whichever is less | 2/3 of initial abatement | 1/3 of initial abatement | Abatement Expires | Abatement Expires |
| 5 years or more | 5 Years | Property tax liability or $2.50 per sq. ft. whichever is less | Property tax liability or $2.50 per sq. ft. whichever is less | Property tax liability or $2.50 per sq. ft. whichever is less | 2/3 of initial abatement | 1/3 of initial abatement |
Eligibility
Location
Eligible buildings must be located in the Title 4 abatement zone: Murray Street and Frankfort Street on the north, South Street on the east, Battery Place on the south, and West Street on the west.
Special Provisions for Fulton Street Hub Tenants
If you were a tenant in the Fulton Street Hub with a CRP Certificate of Abatement and your lease was terminated due to a takeover by eminent domain, you are eligible to receive a second Certificate of Abatement at no cost if you:
- Relocate to an eligible location within the Lower Manhattan abatement zone;
- Relocate within eighteen months after the first lease ends, or eighteen months after July 26, 2006 (the effective date of the law), whichever is later; and
- Meet all other CRP eligibility requirements, including expenditure requirements.
Lease Information
The lease must be a "New," "Renewal," or "Expansion" lease and must begin on or before March 31, 2024. Subleases are not eligible. The lease term is based on the number of employees at the location sixty days after the lease begins. If there are fewer than 125 employees, the lease term must be at least three years. If there are more than 125 employees, the lease term must be for at least ten years.
Eligible Properties
Must be used for office space, retail stores, or private elementary or secondary schools.
Required Physical Improvements
Improvements to common areas are required. The minimum cost of improvements varies by the type of lease and number of employees.
|
Minimum Cost of Improvements |
||
|
Lease Type |
Less than 125 employees |
More than 125 employees |
| New | $5.00 per sq. ft. of net leasable space | $35.00 per sq. ft. of net leasable space |
| Renewal | $5.00 per sq. ft. of net leasable space if previously occupied | $10.00 per sq. ft. for all applicable net leasable space |
| Expansion | $5.00 per sq. ft. of net leasable space | $35.00 per sq. ft. of net leasable space |
Proof of Improvements
- Spending on improvements under a lease renewal must occur within the three-year period prior to the start of the Renewal lease and up to 14 months after the tenant's rent commencement date.
- Spending on improvements under New and Expansion leases must occur within the three-year period prior to the start of the lease and up to 60 days after the tenant's rent commencement date. Benefits cannot begin until one month after the rent commencement date.
Initial Application Requirements
You must submit a completed Commercial Revitalization Program application within 180 days of the start date of the lease. The application will be denied if received after this date. There are no exceptions. Please refer to the Commercial Revitalization Program Application for instructions and filing deadlines.
Forms and Reports
Forms
Renewing your Abatement
To keep this benefit, you are required to submit an annual CERP Renewal form via SmartFile.
The 2023/24 Renewal Period has started. All submissions will be accepted until July 1, 2023.
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