Half of Midtown NYC’s Super Luxury Condos Sit Vacant

New YorkIn a story that basically confirms everything New Yorkers already believed about the proliferation of foreign buyers who own stash pads here, the Times quantifies the suspicion that a heckuva lot of apartments around the southern end of Central Park are owned by out-of-towners. (The paper of record, by the way, likes to revisit this subject every 18 months or so to drive the point home.)

Onto the numbers: census data from 2012 shows that “from East 56th Street to East 59th Street, between Fifth Avenue and Park Avenue, 57 percent, or 285 of 496 apartments, including co-ops and condos, are vacant at least 10 months a year.” A swath that’s a bit north of that, from East 59th to East 63rd, shows that “628 of 1,261 homes, or almost 50 percent” are pied-a-terres. All those dark windows? Not your imagination. The place is deserted but for the tourists packed into the Apple Store’s glowing cube. But all these preponderance of all these dust-gathering apartments beg the question: why doesn’t the city make more money off of them? There could be a tax for that.

Property taxes are figured out using a formula that relates to a unit’s rental value, the Times explains, citing the ludicrous example of a One57—purchased for $3.6 million—that has an apparent market value of just $430,000 for the purposes of property-tax calculations. Something’s not right there.

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Authored By Hana R. Alberts – See the Full Story at Curbed

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