Photo by Mary Hautman

If you pay taxes on a condo or co-op in this city, you may feel like you’re getting screwed. NYC has a bafflingly complicated property tax structure that’s inherently unfair to co-op and condo owners. And the city knows it.

Which is why they created the co-op and condo tax abatement. Taking advantage of this break can shave hundreds to thousands of dollars a year off of a condo owner or co-op shareholder’s tax bills. Here’s how.


This three-bedroom co-op, at 478 3rd Street in the center of Park Slope, has a sensible layout and some nice detail, most notably a large amount of original unpainted woodwork, which lends the place a calm, homey feel. The unit looks to be in fine shape as well.

None of the rooms are huge, but the living spaces are decent-sized, with a spacious foyer and a separate dining room and living room. The latter features a trio of bay windows and an oversized pier mirror with a bench in that lovely natural wood. The former has a decorative mantel with another mirror and some built-in glassed cabinetry.


This two-bedroom co-op in Boerum Hill has a lot going for it, including a pretty gentle price tag. Located in a 25-unit building at 251 Pacific Street, it’s got light, nice finishes and good-sized common spaces, including a dining room.

It’s not loaded with detail, but it’s got nice moldings and a prewar feel.

It’s also got a few drawbacks, so we’ll get those out of the way. Bedrooms are small. There’s a single bathroom and it’s located by the front door, a relative hike from the bedrooms. The block it’s on is definitely not Boerum Hill’s most charming.