Downtown Brooklyn

Forest City Ratner sues city over property tax debt

November 4, 2013 Jaime DeJesus
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Forest City Ratner (FCR) has recently filed a lawsuit in Brooklyn Supreme Court regarding the appraisal status of one of the Atlantic Yards properties, block 1129. The block is currently a parking lot, but FCR’s plans for the area involve a high-rise building.

There is a large discrepancy between estimations and FCR wants it decreased. FCR claims that the block’s value is worth around $1.6 million this fiscal year, while The Department of Finance and the Tax Commissioner have it valued at $11.2 million. According the to the Empire State Development Corporation, If the court agrees to lower the city’s appraisal, then the FCR will pay less in property taxes when the levy kicks in.

Thus far, the Atlantic Yards cost $4 billion, Barclays Center included.

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