Midtown Tops for Tax Exemptions

Three of the five biggest property tax breaks in the U.S. go to buildings in Midtown Manhattan, according to a list compiled by the reporters at Yardi’s Commercial Cafe.

The Bank of America Tower at One Bryant Park, recently developed by the Durst Organization, has the largest tax exemption, with a market value of $1.8 billion and an exempt amount of $74 million. The giant tax breaks are one of the tools local officials use to encourage big, new developments.

Madison Square Garden, at 10 Hudson Yards in Midtown, also made the top five.

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