The City Council approved a 40-year partial Article XI property tax exemption for 170 East 83rd Street, a six-story, 50-unit rental building on the Upper East Side of Manhattan. Under the resolution, the Owner will pay a 15% Gross Rent Tax annually, not exceeding the otherwise due real property taxes. The exemption applies to land and improvements devoted to residential use, excluding five on-site commercial spaces. As part of the closing, the Owner will execute a 40-year HPD Regulatory Agreement that sets rent restrictions from 50% to 80% AMI and income restrictions from 60% to 80% AMI, and requires a 15% homeless referral set-aside (8 units). The project, acquired by 170 East 83rd Street Owner LLC (affiliate of Douglaston Development) in June 2024, also will remain affordable in perpetuity under the Voluntary Inclusionary Housing program. Scope of work includes building envelope repairs and Aging-in-Place modifications as identified in the Integrated Physical Needs Assessment. All 50 residential units will be subject to rent stabilization and rent restrictions post-closing.