Chrysler Building receives biggest property tax break in NYC

TRD 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
(Credit: iStock)

What’s wrong with J-51? Plenty, landlord reps say

Senator Brad Hoylman and Billionaires' Row (Credit: StreetEasy, NY Senate)

Pied-à-terre tax to make a return in Albany, lawmakers say

From left: The Chrysler Building, Beny Steinmetz, and 76 Eleventh Avenue (Credit: Unsplash, Getty Images, and The XI)

Beny Steinmetz, reported backer of Chrysler Building owner and HFZ, to be tried in Guinean bribery scandal

From left: New York Governor Andrew Cuomo, New York State senator James Sanders Jr., and New York City Mayor Bill de Blasio (Credit: Getty Images, iStock, and NY Senate)

“This program will either be a boom or a bust:” State senator has plans to redesign Opportunity Zones

212 Fifth Avenue and Jeff Bezos (Credit: StreetEasy and Getty Images)

June was the best month ever for New York’s luxury market. July is another story.

Tuscany, Italy (Credit: iStock)

Benvenuto! Why the number of high-net-worth individuals applying for Italian residency may spike

(Credit: iStock)

For one month, Manhattan’s resi market returned to glory. Why it won’t continue.

Jersey City Mayor Steve Fulop (Credit: Getty Images)

Jersey City mayor’s ally is subject of grand jury inquiry into tax evasion

arrow_forward_ios