This luxury multi-family project in Greenpoint was built in 2016. Although the building qualified for the 421a tax benefit, the assessment was way over the 421a cap. Consequently, the owner faced a $200,000 tax liability even with the 421a implemented. In 2018 MGNY took over the tax protest application. After presenting the through appraisal analysis based on the income capitalization valuation, MGNY achieved a 30% reduction in the assessed value. In the first year, the tax liability was reduced by $120,000.
Savings in Year 1
Reduction in Assessed Value