The Real Deal New York

GM Building to pay $59M in property taxes

Three trophy towers have a tax bill over $50M

January 16, 2014 12:05PM

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The GM Building at 767 Fifth Avenue and the McGraw-Hill Building at 1221 Avenue of the Americas

The GM Building at 767 Fifth Avenue and the McGraw-Hill Building at 1221 Avenue of the Americas

Three of the city’s most high-profile commercial properties are expected to get hit with tax bills of more than $50 million next year, according to preliminary assessments released yesterday by the Department of Finance.

The GM Building at 767 Fifth Avenue – which, after a sale of a 40 percent stake for $1.4 billion last year became the country’s most valuable office property – will see its tax bill jump to $59.2 million, the highest in the city. Though the GM Building was valued at $3.4 billion after the sale, the city-assessed market value of the building is only $1.57 billion, according to a report from the New York Post.

Hulking Stuyvesant Town-Peter Cooper Village in the East Village and the Time Warner Center at Columbus Circle will also pay north of $50 million in property taxes, according to the Post. The MetLife Building at 200 Park Avenue and the McGraw-Hill Building at 1221 Avenue of the Americas will each pay more than $40 million, while Google’s New York headquarters at 111 Eighth Avenue will pay at least $30 million, according to the paper.

Google’s building saw the greatest jump in so-called market value for the 2014 tax year, according to The Real Deal’s analysis of Department of Finance tax assessments. [NYP]  – Hiten Samtani

  • HughGass

    McGraw-Hill Building at 1221 Avenue of the Americas? Really? Do you people even know NY real estate? I hate to be insulting, but really. Does an intern do this?

    • GueldaTRD

      Not sure what is incorrect about that, HughGass. What’s up? http://en.wikipedia.org/wiki/1221_Avenue_of_the_Americas

      • ReallyState

        There are two building’s that could be considered the McGraw Hill Building. The most famous on 6th Ave, the other on 42nd Street. http://en.wikipedia.org/wiki/330_West_42nd_Street

        The one pictured above is most definitely not the one who is paying $50M in taxes.

        • GueldaTRD

          Thanks, did not realize it was a photo issue. We’ve changed the photo.

      • HughGass

        330 W 42 St. aka the “original” McGraw Hill building does not pay $50m in taxes, anybody who knows anything about NYC real estate would know that a building with the address of 1221 Avenue of the Americas would know it’s a big building. You don’t see a difference between the building pictured above and the building featured in the Wikipedia address? They’re two completely different buildings aside from them both being Midtown office buildings.
        That’s … what’s up.

        • GueldaTRD

          Thanks for your vigilant eye, Hugh, but we’d like it if you would keep the comments on our site more polite.

    • Wow

      shut up!!!!!!!!!!!!!

    • hs@therealdeal.com

      Hugh, you’re right, and we’ve updated the photo. Thanks.

  • real estate insider

    The poor tenants will be feeling the pain in their Pro Rata
    share of RE Taxes….

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