Daily Labor Report®

Manhattan Condo Owners Are Cutting Deals as Their Tax Breaks End

June 4, 2019, 2:38 PM

Manhattan condo owners who’ve enjoyed property-tax reductions are heading for the exits of their posh buildings as their breaks are set to expire.

At a sampling of five buildings where the city’s 421-a tax abatement will end this year or next, owners are listing a greater share of apartments for resale compared with other large Manhattan condo towers, according to StreetEasy. Often, they’re not finding takers until the price drops close to—or less than—what the seller paid years ago.

“People aren’t willing to pay the same amount for something that’s going to cost them more on a monthly basis,” said...

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