Posted by Leonard Steinberg on November 4th, 2013

This week’s Olshan Report showcases 23 properties that went to contract in the past week over $ 4million….including a 2013 record for the penthouse at 212 West 18th Street. While the pricing of these properties may be impressive, what is even more so is the huge disparity in the real estate taxes each one is paying, a subject that I have been harping on for years, and one that ‘Mayor’ de Blasio promises is of concern to him too that he will address after his first 100 days, knowing that he is a huge beneficiary of this unjust system, (he pays 1/4 of what many, many similar valued properties pay in New York). Here are some examples (remember ALL these properties are very high end super-luxury buildings!):

212 West 18th Street      5,955sf      Monthly real estate: taxes:     60c/sf

71 Laight Street               4,600sf     Monthly real estate taxes:  $ 1.33/sf

25 Central Park West     2,962sf      Monthly real estate taxes: $ 1.36/sf

345 West 13th Street      2,400sf      Monthly real estate taxes: $ 1/sf

I did not include co-ops…..I will do those tomorrow to break down what they are paying in real estate taxes versus building costs as they are lumped together: co-ops are often the biggest beneficiaries of this un-constitutional system because (some, not all)apartments are valued based on their rental values. I also excluded buildings that have 421-A abatements: those  always appear to be beneficiaries of the system, but they are temporary and often their unabated taxes are MUCH higher than similar neighboring buildings: Fair and equal protection?

I have been told by too many lawyers and industry professionals and politicians that the only way to change this corrupted system is to file a class action law suit against the City: Hopefully Mayor De Blasio can avert that waste of everyones money.