Monday, January 28, 2013

Daily News: Ratner's One Pierrepont Plaza office tower gets taxes lowered $160K/year in reassessment

From the Daily News, Another break for Ratner: Barclays Center owner gets tax savings on Brooklyn Heights property:
The Tax Commission shaved off $7.8 million of the assessed value of a separate Brooklyn Heights office building owned by the controversial developer at 135 Pierrepont St. after FCR requested a reassessment, city records show.
As a result, the Bruce Ratner firm's tax bill dropped by an estimated $802,000 over five years.
That was the second tax reduction granted for the 19-story property in two years, records show.
In 2011, FCR knocked down the building's assessed value by $4.8 million, saving an estimated $496,000 in taxes over five years.
The tower, also known as One Pierrepont Plaza, opened in 1987 and was built to keep Morgan Stanley back offices in New York City rather than be lost to New Jersey.

Reassessment is not uncommon, but it would be interesting to see the underlying documents to understand the rationale. Yes, the building's getting older, but hasn't the area become ever more coveted?

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