Sale at 330 East 72nd Street #13

Hey Michael,

The tax abatement is a tax exemption usually given to a developer for a building a new condo project. Of course when the abatement is up, that number (monthly taxes) will likely be higher.To find out what the taxes might go up to after the abatement expires (2017).. Find the building on propertyshark and in one of the columns you'll see how much the unabated taxes are for the entire building. Then take the percentage of ownership your individual unit has (available in the condo declaration on acris) and that percentage of ownership is also your percentage of tax liability for the building.

Right now, the city estimates that annual taxes will be ~$34,000 in July 2017, when the 10-year 421a ends. That's if the assessed value and tax rate stay the same.

You can see the apartment's tax statements at the city's Finance site. E.g.,

11/2013, assessed value of $258,000, less 421a benefit of $92,000;
11/2012, assessed value of $248,000, less 421a benefit of $132,000;
11/2010, assessed value of $245,000, less 421a benefit of $174,000.

Note how with a 10-year abatement, you lose about 20% of your abatement every two years.

Is it always a straight line?

now i get it , thanks!

Hello Michael7. I'm the broker for the apartment and would be happy to chat with you (or your broker) directly and provide an explanation. My contact information is noted on the listing information page. - John Carapella

$4.1m is aspirational when carbon copy #7 sold for $3.25m last month.

Not that it is any of my business. but i had interest in buying this unit so i have been following it, but i noticed it did sell, but interestingly it sold to what looks like the condo board for zero dollars, and then the board sold it to the new homeowners. I am just curious, what scenario would create original owner sale to board for $0, then board sells?

The bank and the condo both foreclosed on the previous owner. He owned the condo more than $127,000. The court ordered it to be auctioned, but I don't know whether the $0 sale was from that, or as a result of the cases being settled. Search for Jorge Colmenares if you want to try to figure it out.

That unit is 7-something percent of the whole condo, so the other owners were feeling it while this guy wasn't paying the freight.

thanks for the explanation. i suspected something like that. I was told seller was very motivated, many times. Hope things work out for him.