"Sneakerhead Turned Developer Robert Rivani Shakes Up Miami's Hospitality Scene with Latest Project"
"With a looming deadline, Rubin Equities' head is resorting to costly measures to complete construction on his qualifying projects."
Developer Sam Rubin, known for his quick work, is now under even more pressure as he races to complete four 421a projects in New York's Mott Haven and Sunset Park neighborhoods before the June 15, 2026 deadline. As the head of Rubin Equities, Rubin has less than eight months to finish construction and is resorting to hiring pricier contractors and increasing workforce on the job sites in order to meet the deadline. This has resulted in a 10 percent increase in costs compared to typical projects, but the consequences of missing the deadline would be even more costly.
In Rubin's own words: "That's basically the difference..."
Originally implemented as a tax exemption program, 421a has now expired and has been replaced by Affordable New York, which offers tax breaks to developers who agree to include affordable housing in their projects. However, many developers like Rubin are still trying to complete their 421a projects before the deadline in order to take full advantage of the program.
Originally reported by The Real Deal.
https://therealdeal.com/magazine/october-2025/almost-at-the-finish-line-421a-developers-without-extensions-scramble-to-finish-projects/