The Taxman Cometh for Some Condos


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For thousands of luxury condo owners in New York who have received deep tax breaks for a decade or more, the taxman is coming.

The end of those benefits, through an expired program known as 421-a, could not have come at a worse time for many sellers, who are faced with mounting taxes and stiff competition in a weak market. Some are selling for marginal returns or even less than what they paid several years ago.

For savvy buyers, that could mean discounts in fancy condos that were built from the early- to mid-2000s, with leverage to negotiate and a much clearer picture of their future tax bills.

The moral is the same for longtime owners and potential buyers in tax-abated buildings: never mind the price tag, do the math.

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The lobby of the Centurion at 33 West 56th Street in Midtown, a 2008 condo where a valuable tax abatement will expire next year.
The lobby of the Centurion at 33 West 56th Street in Midtown, a 2008 condo where a valuable tax abatement will expire next year.Credit…Martin Eiden/Compass

 

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