Tax Abated NYC's Condos / Co-ops: Featuring 56 Leonard & One Waterline Square

New York City has in place several programs that temporarily reduce buyers' carrying costs for condo and co-ops. Taking advantage of such incentives can save some condo owners / co-op shareholders thousands of dollars a year in property taxes. 

One overarching program for apartment buyers is the New York City Cooperative and Condominium Tax Abatement where qualifying co-op and condo unit owners can receive a property tax reduction ranging from 17.5% to 28.1% a year. The amount of the abatement is based on the assessed value of the residential units. The condo owner /co-op shareholder must use the unit as their primary residence and cannot qualify if the unit already benefits from a J-51 exemption, 420c, 421a, 421b, or 421g tax abatement programs. 

Check out the list below to find the best Tax Abatement deals right now in NYC.

One Waterline Square, part of the larger Waterline Square complex, was designed by Pritzker Prize-winning architect Richard Meier and features interiors by Champalimaud Design. A force to be reckoned with, the three-towered complex hovers over the Hudson River and boasts a new 2.6-acre park, and over 90,000 square feet of "sports, fitness, swim, spa, leisure, and recreational amenities catering to adults, kids, and pets."

The Oosten – meaning "east" – was designed by Piet Boon of the Netherlands and WASA Studio. While just 7 stories high, the 216-unit condo has a large, full-block presence in Williamsburg. The handsome structure offers a 24-hour concierge, two lobbies, large interior courtyard, landscaped rooftop with reflection pool, lounge, lap pool, children's playroom, and fitness center with spa.

56 Leonard is a stunning modern masterpiece co-developed by Alexico Group and Hines and designed by Pritzker-Prize winning architects Herzog & de Meuron. This "jenga tower" offers 145 apartments in Tribeca and 17,000 square feet of amenities, including a 75-foot lap pool, state-of-the-art gym, theatre/media room, private dining room, children's playroom, live-in resident manager, and on-site parking.

Currently offering immediate occupancy, 550 Vanderbilt is the first residential building to open in Pacific Park Brooklyn, the new Frank Gehry-designed 22-acre project coming to Brooklyn's Prospect Heights. You'll have a ton to do in the neighborhood itself, but the building also boasts 10,000 square feet of amenities including white-glove, 24-hour door service, a library by McNally Jackson, fitness center by The Wright Fit, lounge with catering kitchen, children's playroom, pet grooming station, and a rooftop terrace with communal gardens and lovely city views.

Architecture critic Carter Horsley writes that 15 William NY is a "tall, substantial, dark-gray brick tower that is distinguished by the random 'dripping' of yellow bricks at the top and a 'kitchen sink' full of amenities for its athletic-minded residents scurrying about in the middle of the Financial District." It was built in 2008 and contains 319 apartments.

As the market in New York City shifts from a seller's market to a buyer's market, the importance of an experienced buyers’ broker is once again highlighted. If you would like to discuss market conditions, including where opportunities currently lie, please contact me — I would be happy to advise.