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Fully-Furnished Rentals Launch at One57

According to the Wall Street Journal, “The 38 rental apartments are on seven floors sandwiched between the 94 condos with king-of-the-universe views and the Park Hyatt New York hotel on the lower floors of the 1,004-foot-high building.” The paper also points out that by offering these rentals, Extell is evading a federal law governing interstate land sales in condo buildings with more than 99 units. Plus, having rentals entitles the developer to 421a tax abatements and lower capital gains tax rates. For example, unit 37D, available to rent for $13,350 a month, will cost Extell $500 a month, or 3.8 percent of the asking rent, in taxes with the abatement. By comparison, rentals without tax abatements typically pay 30-35 percent of rents in taxes.

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http://www.6sqft.com/fully-furnished...unch-at-one57/