Apparently, $761 million in subsidies and tax breaks isn’t enough for Forest City Ratner. The Atlantic Yards developer is thanking the city for its generosity by suing the Department of Finance for a lower tax assessment.
The developer has filed a lawsuit against the Department of Finance, in an attempt to knock down the market value assessment on block 1129, which comprises the southern section of the development site, from $11.2 million to a scant $1.6 million, DNAinfo reported today.
Real estate kerfuffles
Sure, New York’s landscape is being remade by luxury condo towers, its streets mobbed by the Goyard and Louis Vuitton-toting global elite, the lower and middle classes pushed to the end of outer-borough subway lines. But is the transformation happening fast enough?
Apparently not. The city and state, eager to speed the ascent of the moneyed classes and Manhattan’s ongoing metamorphosis from a borough occupied by an economically-diverse population to one often unoccupied by the wealthy globe-trotters who view high-end real estate as an investment vehicle, are doing all that they can to ease the path of One57. The ultra-luxury tower, whose top-floor units have all but been spoken for by billionaires or investment groups led by billionaires willing and able to pay upwards of $90 million, has just received a plum work permit from the city, allowing around-the-clock seven-day-a-week construction work, according to DNAinfo.
For Richer or Poorer
In light of the passage of Governor Cuomo’s tax bill last week, The Observer decided to informally poll the rich. What’s your take, you happy few?
The last decade may have been awesome for the Fat Cats of commercial real estate — but the next one isn’t looking as promising.
Tax breaks designed to spark commercial real estate development in New York City amounted to $500 million last fiscal year, and the last 10 years saw such tax breaks more than Read More
In an unusual arrangement, the City Council on Thursday voted to let a Long Island City business take advantage of tax breaks that usually go along with the Empire Zone in Jamaica.
The concept of these "regionally significant projects" is a little controversial, since Empire Zones are set up to benefit a Read More