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Friday, March 29, 2024

Over 27 Clients of Silver’s Real Estate Firm Get Tax Breaks

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Sheldon Silver has held the office of Speaker of the New York State Assembly since 1994.

The real estate firm at which Assembly Speaker Sheldon Silver is employed has had more than 27 of their clients benefit from a program he helped to pass.  The 421a program gave the firm’s clients among others several state-authorized tax breaks.

Last month, it came to light the federal authorities were investigating Silver for not reporting on his financial disclosures the income he received through “substantial payments” from real estate firm Goldberg & Iryami.

According to Capital New York, it was a common occurrence for Silver to use his influence as Assembly Speaker to assist developers in getting tax breaks.  Programs like the 421a tax breaks, which purpose is to give incentive to develop unused and underused land, were supported by Silver despite their controversial standings.

Capital New York reveal in a recent analysis that 1,294 active petitions currently exist for the reassessment of property taxes by real estate developers who are counseled by Goldberg & Iryami. 421a tax breaks have been received by a minimum of 27 of those properties individually.

Big developers, like Leonard Litwin and Baruch Singer, have submitted a majority of the petitions.

The level of involvement to which Silver is involved in the Goldberg & Iryami firm has yet to be determined.

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