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The 99-Unit Strategy Reshaping NYC Development | Real Estate News
A 28-year-old developer, Andrea Gjini, is sparking a citywide trend by building 99-unit buildings to dodge higher wage requirements under the 485x tax break — a loophole that’s reshaping urban development in places like the Bronx, where affordability and labor costs collide. Despite criticism over efficiency, his strategy lets him keep projects financially viable, especially after buying land before the tax break even existed. Now completing a 166-unit complex with 20% affordable housing, Gjini argues that prevailing wage rules simply don’t fit the Bronx’s economic reality — even as unions…
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