Valuable Manhattan buildings get property tax reductions

alternate text
From left: 399 Park Avenue, the Standard Hotel, and the Time Warner Center (source: PropertyShark)

The owners of valuable Manhattan properties, including 399 Park Avenue, the Standard Hotel and the Time Warner Center got huge breaks in their property-tax assessments, according to the New York Post.

Sign Up for the undefined Newsletter

In 2009 and 2010, Boston Properties, which owns 399 Park Avenue, home to Citigroup, lowered the building’s assessment by $94 million and earned a $4.7 million tax break. Meanwhile, the Standard Hotel on Washington Street cut $12.5 million off its assessment value and the Time Warner Center’s assessment declined by $40.2 million.The owners of valuable Manhattan properties, including 399 Park Avenue, the Standard Hotel and the Time Warner Center got huge breaks in their property-tax assessments, according to the New York Post.

In 2009 and 2010, Boston Properties, which owns 399 Park Avenue, home to Citigroup, lowered the building’s assessment by $94 million dollars and earned a $4.7 million tax break. Meanwhile, the Standard Hotel on Washington Street cut $12.5 million off its assessment value and the Time Warner Center’s assessment declined by $40.2 million. [Post]