Manhattan Blog

Trump World Tower is most valuable NYC condo building

The Donald Trump-developed condo tower at 845 United Nations Plaza has the highness total tax assessment in the city, according to Department of Finance data.

Read the full article at: therealdeal.com

Certainly, this “win” will give Trump one more thing to brag about during his fascinating presidential campaign. Built in 2001, the Trump World Tower condo building, which also goes by the name Trump World Tower, is 72-stories tall and sits on the East River in NYC.

Other notable NYC condo buildings that made the top 10 were: 15 Central Park West, which came in second, but held first place last year; One57, the infamous new ultra-luxury 90-story tower overlooking Central Park that opened in 2014, which came in third place; the Sheffield, located at 57th and 8th, which came in fifth place; and Rushmore, overlooking the Hudson River in the Upper West Side, which came in 10th place.

As to how the city comes up with the assessed value, that’s a good question.  Assessed values are generally well below actual market values, so they may not mean too much to buyers and sellers. But, they mean a lot to the tax man. For the first time in history, the total assessed value of all NYC property crossed the $1 trillion threshold, resulting in an increase in the average condo tax assessment across the city by 10.6%. This has led to calls from Governor Cuomo for New York City to cap property tax rates at 2%.

Posted by ricardo on 01/31/2016