To understand the connection between Albany corruption and the New York City real estate industry, take a look at Hampton Court, a new luxury condo building on E. 102nd St. in Manhattan.
Last year its owners would normally have paid $2.74 million in property taxes on this 230-unit beige-brick building. But under a special tax break called 421-a, the owner paid a mere $91,567.
And that’s just one year. Since entering the 421-a program in 2006, the owner of Hampton Court has realized $21.9 million in tax savings.
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