Trump Fights Park Avenue Building Valuation, NYC Says It Has Exceeded

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Former President Donald Trump’s real estate company is struggling with appreciation on Trump Park Avenue. The building’s retail space is overvalued compared to similar properties, the company said. The estimated value of space in commercial buildings will increase by almost 1% in the 2021-2022 tax year. LoadingSomething is loading.

Former President Donald Trump’s real estate company is struggling to assess the retail property tax on Trump Park Avenue, saying in part that its valuation is too high compared to similar properties.

Trump’s property at 502 Park Avenue was designated “excessive, unequal, false, unlawful and illegal assessment,” the company said in a six-page petition filed Thursday in New York State Supreme Court. .

The petition was first reported by Bloomberg News.

The estimated value of commercial building space rose nearly 1%, climbing to $ 112,347, for the 2021-2022 tax year, according to New York tax records.

The total market value was assessed for the year at $ 12,238,099, up from $ 12,125,752 last tax year, according to records.

But the market value was higher in the 2019-2020 tax year, at $ 12,285,788, according to records. It rose in both of the tax years before that.

The market value of the property is “excessive” because the “evaluated valuation exceeds the full value of the real estate,” or the “sum for which said real estate will be sold under ordinary circumstances,” the statement said. -file, which included Eric Trump as the petitioner tag.

Trump’s petition in New York came weeks after Illinois officials lowered the company’s tower taxes by nearly 30%, in part because the building’s commercial space was having trouble finding tenants.

Trump’s company reportedly owns more than $ 2 billion in real estate in major U.S. cities, including a minority stake in a San Francisco office building. Between 2016 and 2020, the Trump hotel in DC lost more than $ 70 million, according to an audit released by a House committee on Friday.

Trump’s NY assets were reportedly inspected earlier this year as part of Manhattan District Attorney Cyrus Vance Jr.’s investigation.

The Park Avenue company property is more residential.

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