The NYC Tax Commission has shaved $7.8 million from the assessed value of the Brooklyn Heights office building at 135 Pierrepont Street, owned by developer Bruce Ratner. His firm Forest City Ratner requested a reassessment, according to city records, resulting in a tax bill drop of $802,000 a year over five years, reports the New York Daily News.
Ratner is, of course, the controversial developer of Brooklyn’s Barclays Center. The News adds that this is the second tax reduction granted for the 19-story property in two years. In 2011, FCR dinked down the building’s assessed value by $4.8 million, saving an estimated $496,000 in taxes over five years.
FCR spokesman Joe DePlasco notes, “Property values change regularly and as a company we have a fiduciary responsibility to review the assessments on a regular basis, as do other property owners.”
In November, FCR dropped a controversial suit charging that the Barclays Center tax assessment was too high. The company challenged the Finance Department’s assessment valuing the arena at $741 million, arguing it was actually worth $111 million. (Image: Google)