tax abatement

Policy

In a city where time is money, it’s hard to believe that for four years the city’s Finance Department was mistakenly giving away tax rebates reserved for residential condo and co-op owners to those that are corporate-owned, totaling more than $10 million between 2013 and 2016. The Post reports that the program gave out money to “indoor parking garages, gardens, cabanas and even storage spaces,” as well as “three office buildings and two retail shops,” according to a recent audit. More than 1,000 building owners were improperly awarded the tax abatements, accounting for up to 28.1 percent of their total annual tax bills.

How did it happen?

Celebrities, Cool Listings, real estate trends, Williamsburg

Model Agyness Deyn apartment, Model Agyness Deyn address, Model Agyness Deyn loft, 85 North 3rd Street

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.

Find out why the taxes are so low

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