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Paterson apartment complex getting almost $300,000 after successful tax appeal | Paterson Times

Paterson apartment complex getting almost $300,000 after successful tax appeal

park-east-terrace

The Park East Terrace Cooperative Apartments is receiving $299,672 from the city following a successful tax appeal. The apartment complex, located at 531-619 McLean Boulevard, appealed its $20 million tax assessment for 2015 and 2016.

Under a settlement agreement reached between the city and owner of the seven buildings, each seven-story, the assessments will be reduced to $17 million for 2015 and $16 million for 2016. This reduction produces tax savings for the owner, Park East Terrace, The Trust Co. NJ. The owner is owed $124,637 and $175,035 for 2015 and 2016, according to municipal records.

The property owner wanted a bigger assessment reduction. Its appraiser valued the brick apartment buildings made up of 392 units at $10.13 million. The buildings were constructed in 1948, according to city records.

Assessment for the buildings was set at $15 million for 2017. The owner did not appeal for 2017.

Council members approved the $299,672 refund during their regular meeting on Tuesday night.

  • peejay1954

    Figure a median per apartment rent of $1500, generates the landlord $588,000 per month! That's over 7 million per year! At 17 and 16 million dollar value for these units, they are paid off in less than 3 years.

    Who owns Park East Terrace? Where does he/she live? Bet it's not there. Probably in Upper Saddle River, drives a new Mercedes every year. And he/she really REALLY needs that extra 300K to maintain his/her lifestyle. Screw the city. Screw the tenants. GIMME THE MONEY

    Take some pity on the single family home owners whose property is not generating income,
    but just a place to live with exorbitant taxes on these poor folks.

    • Rick De Padua

      Peejay,PET is a co-op,there is no one owner.

      • peejay1954

        so why does it say :
        "the owner, Park East Terrace, The Trust Co. NJ. The owner is owed $124,637 and $175,035 for 2015 and 2016, according to municipal records."

        • Joey A

          Because the writer did not give the full details of how a co-op works. The owner of each apartment is an owner of the complex. Once you buy an apartment in a co-op you get shares, so everyone owns a piece of the property. There is no profit, the monthly fees paid goes to the upkeep and staff.

          • Rick De Padua

            Joey A/Job well done,very well explained.

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