A renovated 2,911 square-foot corner loft in Williamsburg‘s Mill Building at 85 North 3rd Street just hit the market for $3.6 million. The spacious loft condominium with dramatic open spaces and original details is the former home of Brit model Agyness Deyn, who bought the Northside pad for $1.97 million in 2008 and sold it in 2012 for $2.175M.
New owners have given it a rustic-luxe update and hope to keep the upward trend going, with a current ask of $3.65 million. An expensive loft in the ‘burg wouldn’t faze us, (and the building has an impressive menu of amenities–doorman, garage, roof deck–for a loft), but the tax bill was a shocker: Taxes on the pricy pad are a mere–as per the listing–”unheard-of $24 a year,” due to a J-51 exemption and tax abatement in effect until 2025.
However, if the owner wants rental income from the property, it may be rent stabilized due to the J-51 abatement. We recently covered the controversy over the 421-A tax break for developers of new buildings, which was set to expire in June but was extended for four more years and which has been in the spotlight amid accusations that it subsidizes billionaire buyers in new big-ticket buildings. The J-51 exemption and abatement were created to encourage landlords to maintain existing buildings as it gives tax breaks for apartment buildings that are being renovated.
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Neighborhoods : Williamsburg