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One57 Watch

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The future residents of media darling One57 will get a 421-a tax abatement on their apartments. Taxes on that $90+ M penthouse would normally be about $230,000 per year; with the 421-a perk, they will be about $20,000 per year. Of course, that's all pocket change to a buyer able to pay more than $90M on an apartment?and developer Gary Barnett tells CNBC that the tax abatement has allowed him to charge higher prices on One57's apartments, anyway. [CNBC; previously]


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