A Curbed reader brings up a very interesting point about Long Island City's Arris Lofts, the new development with the elephant-sized bathrooms and ant-sized kitchens. It concerns the J51 abatement, the tax break based upon a building's improvement, and the calculated taxes without the J51:
Looking at the Arris Lofts website, something's got to be wrong with the Tax estimates W/O the J51 Abatement. The site lists that the amounts are MONTHLY but surely these are ANNUAL, aren't they ? For example, for Unit 550, the Monthly taxes are $1914 W/O the abatement.- Not trying to slam anyone here, but $23K / Year for a 1,900 square foot apt ?
Any insight would be appreciated.Doesn't seem like a typo to us, even though those are some crazy taxes. But they need to be that high to afford the annual Department of Animal Control bribe?giraffes are surprisingly difficult to smuggle in. Phew, thank God for abatements.
· Arris Lofts availability [arrislofts.com]
· On the Market: LIC Luxury [Curbed]