City Hall can’t figure out how to tax Riverside South

City hasn't collected $4.6M in taxes on parkland, streets, says Extell must pay up

TRD New York /
Dec.December 14, 2016 08:22 AM

City Hall is owed $4.6 million in property taxes because no one can figure out who owns streets and public parkland at the massive Riverside South development.

Some of the tax bills have been sent to Extell Development, which briefly owned the complex, but the firm says it has simply been ignoring them since it no longer owns the buildings. To add to the confusion, some of the checks the city did receive bounced, according to the finance department.

A bit of background: when the city and developer Donald Trump agreed on a plan to develop the mixed-use complex along Riverside Boulevard in 1998, they also agreed that streets and public parklands would be transferred to the city once the work was completed. That never happened, for reasons not entirely clear.

Since the streets and parkland are still technically privately owned by a mysterious homeowners association, the Hudson Waterfront Association, they have been accruing property tax bills. According to the New York Post, building owners including the Collegiate School have been paid $6.4 million in taxes on the land and streets over the years, but still owe $4.6 million.

Trump’s investment partners sold the complex in 2005 to Extell Development, which immediately flipped the rental buildings to Equity Residential.

Extell’s Gary Barnett told the Post that the firm never owned the streets. But City Hall begs to differ, telling the Post: “Extell still needs to address a few items on certain streets in this area, which remain in its possession.” [NYP]Konrad Putzier


Related Article

arrow_forward_ios
One Manhattan Square Extell Development CEO Gary Barnett (Credit: Curbed NY)

Extell lands $690M refinancing package for One Manhattan Square

José Cuervo owner Juan Beckmann Vidal and 1010 Park Avenue (Credit: Getty Images, StreetEasy)

Mexican billionaire buys Park Ave pad for $25M amid shopping spree

From left: 241 East 73rd Street, 1514-1528 First Avenue, and Extell Development's Gary Barnett (Credit: Google Maps)

Here’s what the $10M–$20M NYC investment sales market looked like last week

Neighbors sue to block Extell’s UWS tower after city OKs amended plans

WATCH: Gary Barnett on the residential market, Brooklyn and discounts at
One Manhattan Square

Outfoxed a decade ago by Gary Barnett, Marty Burger pays $10M for Carlton House pad

Gary Barnett’s Extell gets $268M to refinance two dev sites

Landsea plans 12-story luxury building in Flatiron District

arrow_forward_ios