Manhattan condo owners are cutting deals as their tax breaks end

Non-bank lenders are on the rise and they’re charging massive rates of interest Unable to find a bank willing to give him a loan, and desperate to keep his business from going under, he turned to an unregulated non-bank lender that charged 60 per cent interest. Initially he was paying a so-called discount rate of 30 per cent.

An expired tax break for condo and co-op apartment owners disproportionately benefits Manhattan residents, especially those living in tony neighborhoods just off Central Park, an Independent.

Nowthanks to the diligent efforts of local reform groups like the Manhattan-based Action Committee for Reasonable Real Estate Taxesmembers of the co-op and condo community in New York City have reason to celebrate. They can expect to receive a property tax break of up to 17.5 percent over the next three years.

Tax breaks for owners of more than 364,000 cooperative and condominium apartments in the city could be in jeopardy, depending upon decisions in Albany. The coop and condo tax break, which cost the city nearly $444 million in foregone revenue last year, expired as of June 30.

The owner of the building where the 45-year-old wood and metal. assist businesses with the slew of incentives and tax credits that exist for them in the city, and coordinate and advocate for.

George Sweeting, deputy director of the Independent Budget Office, explained in a New York Post op-ed last summer that most property owners saw little change in their tax bills after the cut. Owners of houses, for instance, saved an average of $43, or less than 1 percent.

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In a simple example, if either a co-op and condo owner had a mortgage of $1,000,000 at an interest rate of 10 percent, they would incur interest of $100,000, but they would only be able to deduct $75,000 of mortgage interest on their tax return." Under the new scenario, they lose $25,000 of deduction in this example.

What exactly is a tax abatement and how can you get one? andrew gerringer of The Marketing Directors gives us the skinny in this week’s Buy Curious.. THE WISH LIST: "I’m looking for a condo in Manhattan, and I’ve heard some new developments offer tax abatements.

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I’m looking at Manhattan apartments in the low $2 million range. In browsing the nyt real estate listings, I’ve noticed that many Manhattan apartments have property taxes as high as $1700 PER MONTH. I’ve compared this to the taxes on high-end Brooklyn brownstones, and the discrepancy is mind-blowing.

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Almost tax-free Manhattan condos are quickly dwindling. And although the break still applies to condo projects that secured 421a before it was eliminated for Manhattan condos, many projects are nearing the end of the abatement term, the Wall Street Journal reported. Those that still have it – like Related Companies’ 15 Hudson Yards – are using it.