The 100th apartment might fit on the floor plan. The harder question is whether it fits in the budget.
In the third quarter of 2026, developers filed plans for **47 New York City buildings with exactly 99 apartments each**. That’s **4,653 proposed homes**, or **32% of all multifamily apartments proposed in new-building filings that quarter**, according to the Real Estate Board of New York (REBNY). Its November 12 analysis points to the **485-x property-tax incentive** as one explanation. At 100 units, an eligible rental project faces a bigger affordable-housing set-aside and new construction pay requirements. That last apartment can change the math for the whole job. [REBNY’s November 12 release]
What changes under 485-x at 100 apartments?
New York State adopted 485-x in 2024. It offers a property-tax exemption to qualifying NYC developments, including mixed-income rental projects that set aside apartments at regulated rents. The terms depend on the size of the eligible project and, in some cases, the location of the tax lot. [NYC Housing Preservation and Development’s 485-x guide]
| Eligible rental project | Minimum affordable share | Property-tax benefit after completion |
| — | — | — |
| **6–99 apartments under Option B** | **20%** of apartments, with income bands averaging up to **80% of AMI** | **35 years**. The full exemption applies for 25 years, then drops to the project’s affordable share for the final 10. |
| **100 or more apartments under the standard large-project rules** | **25%** of apartments, with income bands averaging up to **80% of AMI** | **35 years** of full exemption. |
| **150 or more apartments in designated Zone A or Zone B** | **25%** of apartments, with income bands averaging up to **60% of AMI** | **40 years** of full exemption. |
AMI stands for **Area Median Income**. The percentages in the table are weighted averages across the affordable apartments’ income bands, with income limits adjusted for household size. A renter should check the income range in the listing for the apartment they’re applying for. [New York Real Property Tax Law § 485-x]() · [NYC Housing Connect]
The other change happens on the construction site. As of July 1, 2026, the NYC Comptroller lists a **$42.03 hourly minimum in wages and supplements** for covered construction work under the standard 100-unit rule. Separate, potentially higher pay formulas apply at 150 units in Zones A and B. The law provides exceptions, including for qualifying project labor agreements. Covered building-service employees can also be subject to a separate prevailing-wage requirement at a 99-unit development. [NYC Comptroller’s 485-x wage schedule] · [NYC HPD’s wage requirements]
Why one more apartment can change the whole budget
Picture a hypothetical site where either 99 or 100 apartments could fit. At 99 units, the minimum set-aside is **20 affordable homes**, leaving up to **79 market-rate apartments**. At 100 units, the minimum rises to **25 affordable homes**, leaving up to **75 market-rate apartments**. At those minimums, one extra apartment on the plans means five more affordable homes and four fewer market-rate apartments. Add the construction pay requirement and you can see why a developer would run the numbers both ways. [New York Real Property Tax Law § 485-x]
The 100-unit plan gets a more generous tax exemption in years 26 through 35, which can matter to an owner who expects to hold the building. But the construction bills arrive long before year 26. The developer has to secure financing today based on what it will cost to build, what the apartments can rent for, and how quickly they’re likely to lease. A site that can accommodate substantially more homes may spread land and other fixed costs across enough apartments to make a larger project viable. The jump from 99 to 100 gives the developer just one more apartment over which to spread those costs.
What the 99-apartment pattern could mean for NYC housing
Of the 47 third-quarter filings, **18 were in Brooklyn, 16 in the Bronx, 12 in Queens and one in Manhattan**. Those figures count plans submitted to the Department of Buildings. Permits, tax-benefit approvals and completed apartments each need their own check. Within each borough, the timing and mix of new apartments will matter more to renters and owners than the borough tally. [REBNY’s November 12 release]
The affordability question depends on **what would otherwise get built**. A completed 99-unit project that qualifies under Option B can deliver at least 20 permanently affordable apartments. If a larger project could go ahead on the same site, the smaller design may mean fewer homes overall and fewer affordable homes. If the larger project would stall, the smaller one could bring apartments to market sooner. The filing data leaves that question open for each site. The policy challenge is to make room for more homes while maintaining meaningful labor standards. [NYC HPD’s affordability and wage requirements]
For investors, the question is **when comparable apartments will actually come to market**. If several nearby buildings open within a few months and all have similar one-bedrooms, they may compete for the same renters. That can lead to concessions such as a free month. When evaluating a rental property, use comparable signed rents where available and test what happens to income if competing buildings open around the same time.
Syd’s Field Note
When somebody says, “There are 99 apartments coming,” ask for the address. That’s where the story gets specific.
– **Tracking a development?** Look up the address in DOB NOW. A filing puts the project on your watch list. An issued permit shows what work the city has authorized. A certificate of occupancy, including a temporary one, tells you which space the city has cleared for occupancy. [DOB NOW Public Portal] · [NYC DOB’s certificate of occupancy guide]
– **Looking for an affordable rental?** Check the open lottery for the household size, income range and application deadline that apply to you. [NYC Housing Connect]
– **Evaluating a development site?** Have your project team price the feasible unit counts on both sides of the threshold. Compare the rent mix, construction costs and the value of the tax exemption over your expected holding period.
If you’re weighing a NYC rental or investment purchase and want to know what’s coming near a specific address, get in touch. We can look at the block, the buildings and the timing together.
**Sydney Harewood**
Licensed Real Estate Salesperson · FIND Real Estate
646-535-3819 · [email protected]
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