The Real Deal New York

NYC building owners late on $439.5M worth of property taxes

Some landlords, like Vornado, are owed money
February 29, 2012 11:30AM

The city’s annual list of liens for sale is now out, the New York Post reported, and while the Knickerbocker Hotel, a commercial condominium building undergoing renovation, owes $44,000 in unpaid water charges, the city actually owes money to Vornado Realty Trust, because the real estate investment trust overpaid at some of its properties last year.

The Post said building owners could land on the list for unpaid taxes or for unpaid water and sewer charges, emergency repairs or due to clerical error. 

Until May 17 owners can negotiate with the city without making a down payment towards what they owe, after that date the city will sell the liens and the owners will need to pay surcharges in order to clear them up, the Post said.

The 21,910 buildings that owe property taxes have a total bill of $439.5 million, the paper said. Owners also owe the city $130 million for water and $150 million in miscellaneous bills from the Department of Environmental Protection. [Post]