••• An important article in the Wall Street Journal explains the 421-a tax abatement program, which (among other things) allows developers to get a tax break if they include affordable housing. The article focuses on 456 Washington (as 460 Washington is being called now), the big new rental building under construction at Washington, Watts, and West, where 22 of the 106 apartments are subsidized.

At 456 Washington Street, the city’s Independent Budget Office projected that the city would forgo $16.7 million in tax revenue from the building over 20 years, or an average of $837,000 a year, in exchange for creating and maintaining low-income housing.

The estimate, prepared at the request of The Wall Street Journal, found that was enough money to finance the construction of 93 apartments in the Bronx through a cash grant.

The decision to provide affordable units also triggered other benefits for the project. [Developer] Related was able to borrow $7.5 million through tax-exempt bonds to pay for construction, and is in line to obtain federal tax credits it can sell to subsidize the cost of affordable housing. In addition, the zoning code allows the building to qualify for a zoning bonus for providing affordable housing that can be sold to other nearby developers.

••• DNAinfo eulogizes the businesses closing as a result of the forthcoming W. Broadway/Warren/Murray development. Raccoon Lodge will close Dec. 31. “The staff said the bar is trying ‘very hard’ to find a new location nearby. […] ‘I’m just going to keep hoping they find a new place,’ [bartender] Eleni said. ‘I want to keep working here until I can’t walk anymore—or until my boobs drop.'” Also included: closing dates for Mangez Avec Moi (Dec. 24), Palermo Pizza (Jan. 31), Saleya (Dec. 18, and it confirmed that its next incarnation will be in Fort Greene), Cricketers Arms (Feburary), and Mariachi’s (Dec. 31, but it’s reopening in the former Kitchenette space on Chambers). New York Dolls wouldn’t talk.

••• The Howard Hughes Corporation confirmed with Community Board 1 that it’s no longer planning to build a residential tower at the New Market Building site. Instead, “the developer is planning to erect a ‘commercial building’ at the New Market site, but that it will not be tall. He declined to comment about what kind of business might be in the building, and why the company decided to squash the residential plan.” —DNAinfo

••• And Howard Hughes Corporation bought the Best Western Seaport at 33 Peck Slip. Not sure if this means the hotel is no longer going to be a “Mr. C” hotel (that’s C for Cipriani). —Real Deal

••• Artist Steve Tobin is ticked off that Trinity Church moved his “Trinity Root” sculpture from its courtyard to a church conference center in West Cornwall, Connecticut. “Mr. Tobin said he recalls ‘signing something,’ on the day of the installation in 2005. […] Already in the place of ‘Trinity Root’ is a new piece of artwork from Issam Kourbaj which depicts a Syrian refugee camp.” —Wall Street Journal

••• “The Battery Park City Authority has partially repaired the handicapped elevator at the east end of the Rector Street pedestrian bridge one year after it most recently broke down […] People who wish to use the lift will be encouraged that the ‘out of order’ signs have been removed and the doors have been unlocked, but may be frustrated to find that it doesn’t quite work as it is supposed to.” —Broadsheet

••• “A man and woman shoplifted $395 worth of gum from a Liberty Street Rite Aid, and threatened to stab an employee before running out of the store.” —DNAinfo

••• The Woolworth Building is the Magical Congress of the United States of America in the forthcoming Fantastic Beasts and Where to Find Them Harry Potter spin-off film. Trailer below. —Entertainment Weekly (via Curbed)