Search Result for 220 central park

60 Montgomery Street, cool listings, park slope

Just around the corner from Prospect Park at 60 Montgomery Place, this historic two-family  head-turner of a townhouse is in good company, but four stories of preserved and perfectly renovated interiors and a few surprises set it apart from its elegant Park Slope neighbors. In addition to a finished basement, plaster walls, central air and a private garden, this distinctive home, asking $5.995 million, is crowned by a green roof with park views.

Tour the many floors of this gorgeous home

Photo of Bezos via NMAH’s Flickr; 220 CPS photo via a Vornado Realty Trust and Robert A.M. Stern Architects

While Amazon won’t find a home in New York City, the tech giant’s founder just might. The New York Post reported on Friday that Jeff Bezos has been house hunting in the Big Apple following his recent divorce settlement. Bezos, currently the richest man in the world, checked out apartments at 220 Central Park South, where the most expensive home in the country recently sold.

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New rendering by ODA Architects for TF Cornerstone

Developer TF Cornerstone officially broke ground Friday on its mixed-use, affordable housing development in Long Island City, a plan that began nearly six years prior. The project, which consists of 1,194 new apartments across two buildings on Center Boulevard, falls under the city’s redevelopment of Hunter’s Point South, a proposal with the goal of bringing 5,000 units of new housing to the area first backed by former Mayor Michael Bloomberg. In addition to the residences, the project includes construction of a community center, local retail, a new public park designed by Mathews Nielsen Landscape Architects, and a K-8 school. A pair of new renderings highlights the open space planned between the new towers.

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New mansion tax will raise $365M for the MTA

By Michelle Cohen, Mon, April 1, 2019

220 Central Park SOuth, Vornado, Robert A.M., Stern

220 Central Park South. Image via Vornado Realty Trust and Robert A.M. Stern Architects.

New York’s 2020 budget was revealed this weekend; among many other items, the proposed “pied-à-terre tax” went away, but a progressive “mansion tax,”–a one-time tax on properties valued from $1 million to $25 million or more–and an attendant transfer tax when those properties sell–will reportedly raise $365 million, according to The Real Deal. The money will head straight to the MTA. The new tax will top out at 4.15 percent.

A big tax on big ticket buys

220 Central Park SOuth, Vornado, Robert A.M., Stern

220 Central Park South. Image via Vornado Realty Trust and Robert A.M. Stern Architects.

Calls for a so-called pied-à-terre tax have increased since hedge fund manager Ken Griffin closed on a penthouse at 220 Central Park South for over $239 million in January, for a residence that the billionaire will be using as “a place to stay when he’s in town.” And State Budget Director Robert Mujica stated recently that a pied-à-terre tax could be combined with other revenue solutions to help fund the Metropolitan Transportation Authority’s $40 billion in capital needs. Owners of some of the city’s highest-priced real estate, however, could face a dramatic dip in their property values if the tax plan is enacted, the Wall Street Journal reports, after an analysis that showed how the heftiest tax would be levied on a small number of houses, co-ops, and condos with market values of $25 million or more. The new tax could potentially slash the value of this handful of pricy properties by almost half.

How much is half of too much?

Via Flickr

Calls for a pied-à-terre tax have increased since billionaire Ken Griffin closed on a penthouse at 220 Central Park South for over $239 million. The sale shattered the existing record of the most expensive home sold in the US by $100 million but Griffin will only be using the residence as “a place to stay when he’s in town.” City Council Members Mark Levine and Margaret Chin recently announced support for a bill that was first drafted by Sen. Brad Hoylman five years ago, which would place a yearly surcharge of 0.5% to 4% on secondary residences worth more than $5 million. In a statement released on Wednesday, State Budget Director Robert Mujica added his support, stating that a pied-à-terre tax could be combined with other revenue solutions to help fund the Metropolitan Transportation Authority’s $40 billion in capital needs.

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Here’s a rare chance to glimpse inside the secretive interiors of 220 Central Park South, which have previously been kept completely private by developer Vornado Realty Trust (h/t NYP). This is the first rental listing to open up in one of New York’s most coveted addresses, where billionaire Ken Griffin closed on a penthouse for just shy of $240 million, setting the record for the most expensive home ever sold in the United States. For $59,000 a month, the 3,114-square-foot home comes with some of the best views in town–even from the bathroom!

Look inside

220 Central Park SOuth, Vornado, Robert A.M., Stern

220 Central Park South. Image via Vornado Realty Trust and Robert A.M. Stern Architects.

We’ve heard it before, but it’s always a shock to hear about how the city’s tax system undervalues big-ticket apartments in expensive neighborhoods. The Wall Street Journal reports that the effective tax rate on billionaire hedge funder Ken Griffin’s sky mansion at 220 Central Park South comes out to about 0.22 percent–compared with about one percent in the city’s less affluent neighborhoods. The reasoning behind this is tied to a complicated city property tax system that assesses all co-ops and condos as if they were rental properties. Rental income at nearby buildings is assessed in order to estimate a condo’s value.

What’s going on here?

Pied-à-terre tax backed by NYC Council members

By Devin Gannon, Tue, February 26, 2019

220 Central Park SOuth, Vornado, Robert A.M., Stern

Via Vornado Realty Trust and Robert A.M. Stern Architects

Update 2/26/19: Council Members Mark Levine and Margaret Chin announced on Monday that they plan on introducing a resolution in support of the pied-à-terre tax, as amNY reported. The tax would be modeled after the measure sponsored by State Sen. Brad Hoylman and apply an annual surcharge on non-primary homes worth more than $5 million.

Last month, billionaire Ken Griffin closed on a penthouse at 220 Central Park South for over $239 million, making it the most expensive home ever sold in the United States. Griffin, the founder of the hedge fund Citadel, said he will not use the pricey pad as a primary residence, but instead as “a place to stay when he’s in town.” The staggering sale has renewed support from public officials for a pied-à-terre tax, which would place a yearly surcharge on homes worth $5 million and up, and apply to non-primary residences, as reported by the New York Times.

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Featured Story

All the free museum days in New York City

By Ben Kharakh, Thu, February 14, 2019

When living in one of the most expensive cities in the country, it’s helpful to know the places in New York City that offer discounts and freebies. Thankfully, many of the Big Apple’s world-class museums and galleries offer free admission on some days, from the one-bedroom-sized Mmuseumm in Chinatown to architectural-icon the Guggenheim Museum. Ahead, we’ve rounded up all of the free museum days in NYC to let you pinch pennies and get your culture fix at the same time.

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