Chrysler Building receives biggest property tax break in NYC

New York /
Nov.November 17, 2013 05:00 PM

 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


Related Articles

arrow_forward_ios
Attorney General Letitia James, Tax Equity Now’s Policy Director Martha Stark and Mayor-Elect Eric Adams (Getty)
Do-or-die: Group files final appeal for property tax reform
Do-or-die: Group files final appeal for property tax reform
From left: Robert Mercer with 48-05 Metropolitan Avenue and Gary Barnett with 17 West 60th Street (Getty, Google Maps, Bulado General Contractors Corp)
$730M loan bundle funds slew of NYC projects
$730M loan bundle funds slew of NYC projects
Moishe Mana, Eugene Lemay and the Mana Contemporary (Getty, Wikimedia)
Moishe Mana employee indicted in $7.8M tax avoidance scheme
Moishe Mana employee indicted in $7.8M tax avoidance scheme
Ministerial privilege: Would Tony Blair’s transfer tax loophole work in the US?
Ministerial privilege: Would Tony Blair’s transfer tax loophole work in the US?
Ministerial privilege: Would Tony Blair’s transfer tax loophole work in the US?
Startup wants to demystify real estate tax breaks
Startup wants to demystify real estate tax breaks
Startup wants to demystify real estate tax breaks
First Metaverse REIT could hit public exchange within a year
First Metaverse REIT could hit public exchange within a year
First Metaverse REIT could hit public exchange within a year
The agency is challenging $21 billion in deductions over a three-year period (Getty)
IRS probes promoters of tax-deductible property easements
IRS probes promoters of tax-deductible property easements
Photo Illustration of Donald Trump (Illustration by Kevin Rebong for The Real Deal)
Treasury Department must give Trump’s tax returns to Congress: DOJ
Treasury Department must give Trump’s tax returns to Congress: DOJ
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...