New York City missed out on approximately $4.98 billion in tax revenue for the year ending June 30, thanks to exemptions given to schools, houses of worship, hospitals — and luxury developments.
The top 10 tax exemptions for New York City properties that do not have a charitable mission came to approximately $114.7 million, according to the New York Post.
The largest exemption given to such a building is the more than $18 million given to the Chrysler Building, managed by Tishman Speyer. Because Cooper Union owns the land under the iconic skyscraper, the building receives a break as long as the college uses its assets for “the instruction and improvement of inhabitants of the United States in practical science and art.”
The biggest tax breaks after the Chrysler Building were received by Madison Square Garden, with a more than $16 million break; the luxury apartment building 505 West 37th Street, which received a more than $11 million cut; and JPMorgan Chase’s headquarters at 270 Park Avenue, with nearly $11 million in exemptions. [NYP] –Christopher Cameron