Valuable Manhattan buildings get property tax reductions

March 21, 2011 01:58PM

From left: 399 Park Avenue, the Standard Hotel, and the Time Warner Center (source: PropertyShark)

The owners of valuable Manhattan properties, including 399 Park Avenue, the Standard Hotel and the Time Warner Center got huge breaks in their property-tax assessments, according to the New York Post.

In 2009 and 2010, Boston Properties, which owns 399 Park Avenue, home to Citigroup, lowered the building’s assessment by $94 million and earned a $4.7 million tax break. Meanwhile, the Standard Hotel on Washington Street cut $12.5 million off its assessment value and the Time Warner Center’s assessment declined by $40.2 million.The owners of valuable Manhattan properties, including 399 Park Avenue, the Standard Hotel and the Time Warner Center got huge breaks in their property-tax assessments, according to the New York Post.

In 2009 and 2010, Boston Properties, which owns 399 Park Avenue, home to Citigroup, lowered the building’s assessment by $94 million dollars and earned a $4.7 million tax break. Meanwhile, the Standard Hotel on Washington Street cut $12.5 million off its assessment value and the Time Warner Center’s assessment declined by $40.2 million. [Post]