Sale at 101 West 87th Street #501

I tried to check the rental comps the city used to set the taxes for 101 West 87th, but there didn't appear to be an entry in the database yet. Still, we can make an educated guess. For tax purposes, this building seems to face the worst of both worlds: it's modern construction, so the city uses 80s/90s free-market rentals as comps; but because the building isn't new, there's probably no tax abatement.

This was a rental building catering to singles that was totally revamped to become a condo. They added a few stories to the top of the building and had to run support beams through the northmost store. Then they combined a number of apartments. So this was an expensive conversion that would not get any tax abatements.

It's possible the monthly taxes haven't been adjusted to reflect the 17.5% abatement for coop / condo owners that was recently renewed. The Offering Memo states that the building is not subject to an abatement, which makes sense as it predates the abatement extension and in any case, the sponsor cannot benefit from this abatement. I'm hardly an expert, but I believe that once the units are transferred to the new owners, they will get the abatement (assuming they fulfill other requirements, such as primary residence).