Thursday, July 28, 2011

Developers not paying their fair share

From the NY Post:

While most of the city's "professional" developers like Silverstein, Vornado, RFR and Extell are paying property taxes on their stalled development sites, wannabe newcomers and those with shallow pockets have not only stopped construction but stopped paying city tax levies.

During the last few days we sampled about 40 of the city's 129 stalled Manhattan construction sites and found more than half owe taxes -- totaling over $10 million.
Some sites are on the city's recently released 10-day tax lien sale list while others are not. The lien list covered 15,260 parcels owing $397,942,197 -- some which has been paid off, but most are still due.

Many of the Buildings Department's stalled development site list owners no longer have working phone numbers or addresses and could not be reached.

It is no wonder neither the city nor their lenders can collect a dime. The amount of overdue property taxes is also a problem for the lenders and brokers who are selling the notes, and for the buyers who hope to move along construction, one such broker advised.


Anonymous said...

Why doesn't someone ask our politicians about this and let Crappy know how they were ignored?

Even better, how about groups whose funding was cut ask the pols why this is ok but a parked car a few seconds overdue is not.

Anonymous said...

What group had their funding cut?
See Councilman Dan Halloran, he got $500,000 for one of his big donors from Malba and an office for the guys wife next to his. Give him a call, he's waiting.