Real Estate

City overestimates “market value” of Time Warner office condo by $389M

therealdeal.comThe Related Companies’ office condominium at 10 Columbus Circle may be valuable, but the city seems to have accidentally overshot the mark.

The Department of Finance agreed to lower the “market value” it uses to assess taxes on the property by about $389 million after the landlord pointed out a mistake by the agency, to $555 million, the New York Post reported.

Time Warner owned and occupied the 1.1 million-square-foot office condo at 10 Columbus Circle until it sold the property in 2014 to Related for $1.3 billion, with plans to move to a 1.6 million-square-foot office condo at Related’s 30 Hudson Yards, which is slated to open in 2019. In the meantime, the media conglomerate leased the space from Related.

Categories: Real Estate

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