New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Empire State is King of Commercial Property Taxes
New York State continues to be property tax central for commercial real estate, according to CommercialCafe’s ranking. Seventy-eight of the nation’s 100 most-taxed properties for the 2017 tax year were in the Empire State, including 76 in Manhattan and all of the top 20.
Most of the Manhattan properties are office towers, although multifamily (Stuyvesant Town), hotel (the Waldorf Astoria) and retail (Manhattan Mall) also figure in the roster. The most-taxed office property in the U.S. last year was the General Motors Building at 767 Fifth Ave. (pictured), on which landlord Boston Properties paid $75.6 million.
Surprisingly, the highest tax levied on any commercial property in the U.S. was for an industrial facility. The Northport Power Station in Fort Salonga, NY is the largest electric power generating facility on the East Coast, and owner Long Island Power Authority paid just over $82 million in taxes on the 51-year-old property.
For comments, questions or concerns, please contact Paul Bubny
