The Real Deal New York

The taxes on this $3.6M Brooklyn loft are just $24 — here’s why

Loophole that led to amazingly tiny bill is virtually unheard of

August 21, 2015 12:50PM

85 North Third Street (credit: Warburg Realty)

85 North 3rd Street in Williamsburg (credit: Warburg Realty)

Benjamin Franklin said only death and tax are certain in this world, but he didn’t specify just how high (or low) that tax bill might be.

The future owner of a Williamsburg loft listed at $3.6 million will owe an all-but-forgettable $24 in yearly taxes on the property through 2024, thanks to the city’s J-51 exception and abatement, the New York Post reported.

J-51 is an incentive to renovate old buildings in the city. It is to existing structures roughly what the 421a abatement and exception is to new buildings.

“This is the first time I’ve run into something like this after working as a broker for 18 years,” listing broker Rachel Ostow Lustbader of Warburg Realty told the Post.

The 2,911-square-foot loft, where model Agyness Deyn once lived, is located at the Mill Building at 85 North 3rd Street in Williamsburg. Deyn bought the pad in 2008 for $2 million and sold it to its current owner in 2012 for $2.2 million. [NYP] – Ariel Stulberg