The Real Deal New York

Paper-pusher fail: Building owners may owe city thousands for missing forms

Owner of 100 William Street was fined $100K
August 31, 2016 11:10AM

100 William Street in the Financial District and a stressed-out landlord

The owners of more than 2,000 buildings in Manhattan may owe thousands of dollars to the city for failing to file income and expense forms.

The John Hancock Real Estate Group, for example, was fined $100,000 for failing to file such forms (or a form that says they don’t have to) on 100 William Street before a June 1 deadline, the New York Post reported. The city’s Finance Department released a list of properties where owners failed to meet the June 1 deadline, and it included 2,264 properties in Manhattan — 35 of which have an assessed value of more than $10 million.

In Queens, the owners of 3,988 buildings didn’t file the paperwork. Only seven of those buildings were valued at more than $10 million. Brooklyn had 6,009 non-filers, only one of which was for a building worth more than $10 million. In the Bronx, of the 1,904 buildings made the list, one office building had an assessed value of more than $14 million, the Post reported.

Buildings are fined according to their assessed values. The highest fine is $100,000 for buildings worth $25 million or more. Those assessed at $10 million could be fined $40,000, and those worth $15 million could fetch fees of $60,000. [NYP] — Kathryn Brenzel