NYYIMBY --One Vanderbilt’s Biggest City Contribution? Property Taxes

As the city continues to mull SL Green’s request to erect One Vanderbilt, a new supertall office tower next to Grand Central Terminal, the focus has been on what the developer will deliver to New York in terms of transit improvements.

Manhattan’s largest office landlord is offering to spend $210 million on improving the various subway and commuter rail stations that make up the broader Grand Central complex. Questioned by community board members and a litigious air rights owner about the exact breakdown of the spending (a fine-tuned investigation that the board never bothered with for East Side Access, a project whose price tag has exploded to around 50 times the cost of SL Green’s improvements), the builder has released a detailed breakdown of the costs.

But all this discussion of what special goodies the city can wring from SL Green – which will set a precedent for what the city can ask of other developers seeking to build in the broader Midtown East area likely to be rezoned – misses the bigger issue: property taxes.

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