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