The Real Deal New York

GM Building to pay $59M in property taxes

Three trophy towers have a tax bill over $50M
January 16, 2014 12:05PM

Three of the city’s most high-profile commercial properties are expected to get hit with tax bills of more than $50 million next year, according to preliminary assessments released yesterday by the Department of Finance.

The GM Building at 767 Fifth Avenuewhich, after a sale of a 40 percent stake for $1.4 billion last year became the country’s most valuable office property – will see its tax bill jump to $59.2 million, the highest in the city. Though the GM Building was valued at $3.4 billion after the sale, the city-assessed market value of the building is only $1.57 billion, according to a report from the New York Post.

Hulking Stuyvesant Town-Peter Cooper Village in the East Village and the Time Warner Center at Columbus Circle will also pay north of $50 million in property taxes, according to the Post. The MetLife Building at 200 Park Avenue and the McGraw-Hill Building at 1221 Avenue of the Americas will each pay more than $40 million, while Google’s New York headquarters at 111 Eighth Avenue will pay at least $30 million, according to the paper.

Google’s building saw the greatest jump in so-called market value for the 2014 tax year, according to The Real Deal’s analysis of Department of Finance tax assessments. [NYP]  – Hiten Samtani

  • HughGass

    McGraw-Hill Building at 1221 Avenue of the Americas? Really? Do you people even know NY real estate? I hate to be insulting, but really. Does an intern do this?

    • GueldaTRD

      Not sure what is incorrect about that, HughGass. What’s up?

      • ReallyState

        There are two building’s that could be considered the McGraw Hill Building. The most famous on 6th Ave, the other on 42nd Street.

        The one pictured above is most definitely not the one who is paying $50M in taxes.

        • GueldaTRD

          Thanks, did not realize it was a photo issue. We’ve changed the photo.

      • HughGass

        330 W 42 St. aka the “original” McGraw Hill building does not pay $50m in taxes, anybody who knows anything about NYC real estate would know that a building with the address of 1221 Avenue of the Americas would know it’s a big building. You don’t see a difference between the building pictured above and the building featured in the Wikipedia address? They’re two completely different buildings aside from them both being Midtown office buildings.
        That’s … what’s up.

        • GueldaTRD

          Thanks for your vigilant eye, Hugh, but we’d like it if you would keep the comments on our site more polite.

    • Wow

      shut up!!!!!!!!!!!!!


      Hugh, you’re right, and we’ve updated the photo. Thanks.

  • real estate insider

    The poor tenants will be feeling the pain in their Pro Rata
    share of RE Taxes….