When does no tax increase cost $1.2 billion more?


The Fiscal 2014 New York City budget passed early yesterday morning increases the anticipated property tax levy by more than $1.2 billion, or about 6.2 percent, despite nominal rate changes.

Property owners won a victory at the Supreme Court this week in a 5-4 decision that may lead to more successful challenges against impact fees and community agreements. In Koontz v. St. Johns River Water Management District, a developer wanted to build on 3.7 acres of a 14.9 acre parcel and take conservation measures on the rest. The Water District said they would deny the permit unless he reduced the development to one acre and installed more costly mitigation measures, or followed his original plan and spent an indeterminate amount  improving District owned land miles away. The Court said that denying a permit could be a taking, and that the Florida Courts had to consider if the conditions proposed were proportional — i.e., bore a relationship to the possible wetlands damage — and whether there was a nexus between the development and the proposed mitigation measures miles away.

While the Supreme Court defended property rights Tuesday, the New York City Landmarks Preservation Commission added 220 buildings to the 150 already in the West End-Collegiate Historic District on and around West End Avenue in Manhattan between 70th and 79th Streets.

The MTA has issued an RFP for a 99-year lease on its current headquarters at 341-347 Madison Ave. The blockfront  between 44th and 45th includes at least 376,575 developable sq. ft. as of right, and potentially almost 200,000 more.

Associate Members: Looking for more ways to support ABO and build your business? Place your message in the upcoming issue of ABO Developments to promote your company to the entire ABO membership. For information on advertising, click here to view the media kit or contact SaraCatherine Goodwin at sgoodwin@naylor.com or 770-810-6977. Click here to view the digital edition archives of ABO Developments.

Everyone: Join us for the ABO Summer Celebration from 6-8 p.m. Thursday, July 18th at the Water Club. Reserve now or call 212 385-4949 for information.

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