At $75.29 million, the price tag for an office building would be significant but not crazy. But that was also the annual tax bill that Macklowe Properties received for the General Motors Building in Manhattan, according to PropertyShark.
Macklowe describes the building as a "2,000,000 square foot trophy property" that it bought in 2003 for $1.4 billion and commands "some of the highest rents in Manhattan, at rates that were previously thought to be unattainable." PropertyShark says the property is actually 1.7 million square feet in size.
But whatever the footage, there are two other dimensions at work—location and age—that correlate with the scale of the tax bill. The first factor is largely whether an office building is in New York City or not. Out of the 20 largest tax bills in 2021, only one, the $43.04 million invoice for Willis Tower in Chicago, was outside of the city.
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