Commercial Revitalization Program

The Commercial Revitalization Program (CRP) helps improve some areas of the City. It focuses on older business areas and increasing office and store use. The program's tax benefits include property tax abatements and Commercial Rent Tax reductions. Eligible buildings must be nonresidential or mixed-use built before 1975 and located in specific abatement zones.

Benefit

If you qualify, your tax bill and rent will be lower. You will get either a five-year or three-year abatement, depending on the lease term.

Here is a table to help you understand the different benefits:

Eligibility

Location

Eligible buildings must be in the Title 4 abatement zone:

• Murray Street and Frankfort Street on the north
• South Street on the east
• Battery Place on the south
• 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 ended due to a takeover by eminent domain, you can get a second Certificate of Abatement at no cost if you:

• Move to an eligible location within the Lower Manhattan abatement zone
• Move within 18 months after the first lease ends
• Meet all other CRP eligibility requirements, including expenditure requirements

Lease information

The lease must be a new, renewal or expansion lease and must start on or before March 31, 2016. Subleases are not eligible. The lease term depends on the number of employees at the location 60 days after the lease starts.

• 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 at least 10 years.

Eligible properties

Properties must be used for:

• Office space
• Retail stores
• Private elementary or secondary schools

To apply, you must send:

• A filled-out Commercial Revitalization Program (CRP) application (found on the About page)
• Proof of Expenditure form
• Proof of Employment form
• A $500 application fee

Send your completed application with all materials within 180 days of the start of your lease.

After CRP benefits are granted

Once you get CRP benefits, you must file a Certificate of Continuing Eligibility each year between June 1 and 30.

Submission address

Send the application and Certificate of Continuing Eligibility to:

NYC Department of Finance
Commercial Revitalization Program
66 John St, 13th Floor
New York NY 10038