Commercial Expansion Program
Tax abatements up to $2.50 per square foot for property owners to help increase tenant occupancy in a designated abatement zone.
The Commercial Expansion Program (CEP) provides property tax abatements for new, renewal, and expansion leases for commercial offices and industrial spaces to increase tenant occupancy in a designated abatement zone. Benefits are offered for qualified New, Renewal, and Expansion Leases on commercial offices and industrial/manufacturing spaces. For manufacturing businesses, the abatement lasts for up to ten years depending on the lease. Commercial and manufacturing businesses apply within 180 days of lease commencement. Retail businesses are ineligible.
- Benefit: Rent rebate for commercial and industrial businesses
- Administering Agency: NYC Department of Finance
- For more information, please visit the Commercial Expansion Program