Unveiling NYC’s 2023 Commercial Property Tax Landscape

In the heart of New York City’s bustling business hub, a quiet yet critical interplay shapes the skyline—commercial property taxes. They sway like the tides, impacting tenants and influencing choices. As NYC grapples with a budget deficit, comprehending the 2023 commercial property tax shift becomes more than a mere number game—it’s a pivotal insight into the city’s economic landscape.


The Top 10 Tax Contributors in 2023

Let’s dissect the numbers and shifts in NYC’s commercial property tax scenario, starting with the top 10 players:


  1. General Motors Building

Maintained its top spot, seeing a minor dip in taxes from $83,071,871 (2020) to $82,914,747 (2023).


  1. MetLife Building

Secured second place but with a 5.38% tax increase, climbing to $61,264,780 from $58,137,658 in 2020.


  1. 111 Eighth Avenue (Google-owned)

Jumped from 8th to 3rd place with a substantial 21.67% tax hike, now paying $55,251,862 compared to $45,410,501 in 2020.


Notable Shifts Beyond the Top Three

The landscape shuffles beyond the top trio, showcasing movements like a game of musical chairs:


  1. 1221 Avenue of the Americas

Climbed to 4th place from 6th in 2020.


  1. 630 Fifth Ave

Appears in 2023 at 5th position after missing in 2020.


Drops in Rankings

Not all towers maintained their positions:


1345 Avenue of the Americas and 1633 Broadway

Both slipped down the ranks, showcasing a changing tax hierarchy in 2023.


Neighborhood Impact on Taxes

Neighborhoods weave their unique tales into the tax narrative:


Plaza District and Times Square

Retain significance, displaying shifts in their respective tax contributions.


Age and Taxes

An intriguing correlation emerges between a building’s age and its tax role:


Older Buildings Dominate

Nine out of ten top taxpayers were constructed before 1971, emphasizing the legacy of NYC’s architectural history.


One Vanderbilt—The Exception

Stands as the modern outlier among the top 10, a testament to its rapid rise in the city’s tax hierarchy.


Tax Trends: Ascending and Descending

Some buildings witnessed notable tax hikes, while others experienced substantial decreases:


Tax Soarers

Buildings like 388-390 Greenwich Street showcased remarkable leaps in tax contributions.


Tax Decliners

Examples include 300 Park Avenue and 590 Madison Avenue, showcasing considerable drops in their tax obligations.


Insights and Reflections

Understanding these tax shifts isn’t just about numbers—it’s a glimpse into the city’s evolving story. Rising taxes can sway tenant decisions, impacting the city’s allure for businesses.


Intriguingly, tenants, not just landlords, bear the brunt of tax hikes. These changes might influence relocations to more tax-friendly havens.



The 2023 commercial property tax scene isn’t just data—it’s a narrative of NYC’s economic pulse. Tracking these shifts gives us a lens into the city’s trajectory.


At TROT, we’re proud to be your source for this exclusive data. We hope this breakdown offers insights into NYC’s commercial real estate and its tax landscape, guiding your understanding of this dynamic metropolis.

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