06.04.2021

THE NEW YORK TIMES

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06-03-2016

These five Brooklyn rental properties had the highest 2016 tax assessments

“In Brooklyn,” Benjamin Franklin said, almost, “nothing can be said to be certain, except death and taxes.” The Real Deal, being a real estate publication, mostly sticks to the latter. The top five most-taxed buildings represented the diversity of Brooklyn rentals, spanning five neighborhoods from Williamsburg to Red Hook. As with the Manhattan dive, TRD only considered buildings with 100 or more units, to reduce the impact of commercial incomes on the properties’ overall assessment, though that impact was more modest in Brooklyn.
55 Hope Street, Williamsburg Total units: 118 Estimated 2016 tax per unit: $9,327 per unit
The 117-residential unit 55 Hope Street in Williamsburg owes the city a boatload of taxes this year. Residential units rent for $3,200 a month on average, according to StreetEasy. And if the retail portion weren’t a factor, that would mean that about 24 percent of the rent roll would be paid in taxes this year, so the real amount is probably a few ticks down from that. The warehouse-to-rental conversion was completed in 2012, but the developer, Jeffrey Gershon, does not receive any tax abatements for the property. Ground floor retail tenants at the address include a hardhat design company and an interior design company.