Stream of Foreign Wealth Flows to Elite New York Real Estate - NYTimes.com: "Robert Tsao, who gave up his Taiwanese citizenship after authorities there sued him unsuccessfully for investing in mainland China, owns one of the world’s most renowned private collections of Asian art.
Adam Chen, who graduated from New York University in May, was one of several college students to use the complex as a dormitory. He celebrated his birthday last year at the restaurant Per Se in the Time Warner Center, dining on its famous starter, Oysters and Pearls, all captured in photographs on Instagram.
The precise impact of wealthy foreigners on the city may be more complex, though. As nonresidents, they pay no city income taxes and often receive hefty property tax breaks. A program aimed at new condo development doles out about a half-billion dollars in tax breaks a year, according to the city’s independent budget office. These savings are passed on to owners in the form of lower property taxes. The Time Warner Center was not part of the most lucrative tax break program, but many other buildings around Central Park have benefited.
The city’s first condo costing more than $100 million, which sold in the last few weeks at the new luxury tower One57, had property taxes this past year of $17,268, according to the city’s finance office. Those taxes will go up over time, but for now that is a savings of more than $359,000."
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Adam Chen, who graduated from New York University in May, was one of several college students to use the complex as a dormitory. He celebrated his birthday last year at the restaurant Per Se in the Time Warner Center, dining on its famous starter, Oysters and Pearls, all captured in photographs on Instagram.
The precise impact of wealthy foreigners on the city may be more complex, though. As nonresidents, they pay no city income taxes and often receive hefty property tax breaks. A program aimed at new condo development doles out about a half-billion dollars in tax breaks a year, according to the city’s independent budget office. These savings are passed on to owners in the form of lower property taxes. The Time Warner Center was not part of the most lucrative tax break program, but many other buildings around Central Park have benefited.
The city’s first condo costing more than $100 million, which sold in the last few weeks at the new luxury tower One57, had property taxes this past year of $17,268, according to the city’s finance office. Those taxes will go up over time, but for now that is a savings of more than $359,000."
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