Model Agyness Deyn’s $3.6M Former Williamsburg Loft Has a Tax Bill of Just $24 a Year
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Model Agyness Deyn’s $3.6M Former Williamsburg Loft Has a Tax Bill of Just $24 a Year

August 21, 2015

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.

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85 North 3rd Street Kitchen

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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[Listing: 85 North 3rd Street, # 302-303, Rachel Ostow Lustbader for Warburg Realty]

[via Curbed and NY Post]

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All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made as to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. All dimensions are approximate. For exact dimensions, you must hire your own architect or engineer and for no listing shall the number of bedrooms listed be considered a legal conclusion.

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