Billionaire Ken Griffin is on the hook for enough annual property taxes on his 220 Central Park South penthouse to buy a home on the Lower East Side.Â
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The hedge funder owed more than $860,000 for the year starting July 1, 2024, to June 30, 2025, according to a report by Property Shark tracking the most expensive property tax bills in New York City. Griffin’s is second only to the former Emir of Qatar, who owes $984,000 connected to a compound on East 72nd Street.Â
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Griffin and the former monarch’s bills add to the $37 billion the city gleaned in taxes last year — the highest total on record, according to a report from the Real Estate Board of New York. That total is about half of all local taxes collected in the city and roughly a third of the city budget.Â
Despite the eye-popping totals, homeowners pay the least amount of property taxes, compared to multifamily buildings, according to a study by the Community Service Society and the Progress and Poverty Institute reported by the City earlier this week.Â
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Residential properties with three units or fewer are charged less than 1 percent of their value in taxes, while apartment buildings with more than 10 units paid roughly 4 percent. The report also found that property tax rates in neighborhoods with predominantly Black homeowners were double of those in areas where the majority of homeowners are white.Â
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A lawsuit pushing back on the city’s 50-year-old system was revived by the Court of Appeals earlier this year. The case, initially filed in 2017, claims the system unfairly impacted racial minorities.Â
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Not so fast…
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It was a busy week for deals Billionaires’ Row.
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At 111 West 57th Street, a buyer signed a contract for a four-bedroom $56 million penthouse at the building, developed by JDS Development, Property Markets Group and Apollo. The pending deal topped Olshan’s weekly signed contracts report, though its last ask was about $10 million below the price listed in the building’s offering plan.Â
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Days later, the supertall’s pinnacle penthouse hit the market for $110 million, Bloomberg reported on Friday. The quadplex, spread across the 80th to 83rd floors, spans 11,500 square feet and has five bedrooms, six bathrooms and multiple terraces.
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A few blocks away, disgraced top broker Tal Alexander officially left his apartment at Harry Macklowe and CIM Group’s 432 Park Avenue, ending his nearly five-year stint as a resident at the building. While Tal is at a federal detention center in Brooklyn awaiting his trial on sex trafficking charges, his estranged wife and child vacated the apartment after receiving a nonpayment notice.Â
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Alexander touted his residence at the supertall as proof that his lifestyle as a top broker mirrored that of his clients. The unit is now on the market for $55,000 a month.Â
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The activity on 57th Street followed a boom in Manhattan’s high-end market last quarter, with the borough logging a new price peak and a significant uptick in deals, according to Miller Samuel’s report for Douglas Elliman.Â
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Sales of co-ops and condos in the luxury sector, defined as the top 10 percent, rose 30 percent year-over-year, while the average sale price of a home in the segment hit $10.3 million — the highest on record for the borough.Â
NYC Deal of the Week
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Unit 8901 at Related’s 35 Hudson Yards was the most expensive deal to land in city records this week when it closed for just under $14 million. Private equity and investment services executive Kerry Propper signed a contract for the five-bedroom condo, last asking $15 million, in January.Â
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Money for nothing: City Council takes real estate taxes for granted