This super-luxurious, prewar building — 720 Park Avenue, one of New York’s most prestigious addresses — is the former home of Cravath partner John Beerbower, and his wife, Cynthia Beerbower. In case you’re wondering, they lived in apartment 7A.
According to Steven Gaines in The Sky’s the Limit (2005), winning admission to this exclusive coop requires a net worth of at least $50 million. Financier Henry Grunwald and Revlon exec Michael Bergerac call it home.
But despite the vast wealth of its residents, 720 Park receives highly favorable tax treatment from New York City:
The New York Times looked at the vagaries of the tax laws — a result of several decades of political compromises — through the uncommonly low taxes paid at 720 Park, which is at 70th Street, and other Upper East Side co-ops. It found that some owners of small two-family brick and shingle houses near Kennedy International Airport paid three times the effective tax rate as their Park Avenue peers.
In the last year, while property tax assessments across the city rose by more than 9 percent, the assessors reviewed 720 Park. But rather than raising taxes on the building, they reduced them. City records show the official market value of the building and the tax burden on it were cut by 12 percent.
Property taxes on 720 Park went DOWN? How on earth did that happen?
Find out the answer, plus information about the Beerbowers’ new home, after the jump.
Continue reading “Lawyerly Lairs: Tax Breaks for Cravath Partners?”



