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Image: Scott Klocksin, Bisnow
An assessment error by the city’s Finance Department resulted in a $389M overvaluation of Related Cos’ Time Warner Center’s office condo.
Related Cos caught the error before having to pony up any extra taxes. The space was mistakenly valued at $944.2M when its assessed value should have been $494.2M, according to the New York Post.
Time Warner once owned the office space, but did a sale-leaseback with Related Cos to remain in the space pending the readying of new office space at Hudson Yards, which Related is currently building.
The city’s Tax Commission has adjusted the space’s market value to $555.2M, with a billable value of $208.4M. It’ll fetch about $22.1M for the city at last year’s tax rate of 10.656%. [NYP]
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