Owner Of $3M Prospect Park Home Pays Just $25 In Taxes

PROSPECT HEIGHTS, BROOKLYN — Stop daydreaming about how much it will cost to wake up every morning to a view of Grand Army Plaza and Prospect Park. The price tag for such a luxury is just north of $3 million, if judged by a recent condo contract.

And the taxes for that prize are more discount than luxe.

The condo's owners are estimated to owe $300 this year, or $25 in monthly payments, city tax records state.

A buyer recently closed that high-low dollar deal for a corner condo at 1 Grand Army Plaza, according to a weekly report of $2 million-plus Brooklyn property contracts released by Compass.

It's the third-priciest deal in Brooklyn and the only one that wasn't a townhouse, the report states.

So what did $2.99 million get the buyer?

A 2,000-square-foot space enclosed by floor-to-ceiling windows overlooking Grand Army Plaza Arch, Prospect Park and Brooklyn Public Library, that's what. The listing states the building was designed by Pritzker Prize-winning architect Richard Meier, who designed the Getty Center in Los Angeles, among other famous buildings.

City Department of Finance officials most recently estimated the apartment's market value to be about $265,000, but its taxable value is even lower based on the city's current tax system, which often results in low taxes for high-dollar townhouses and brownstones.

Officials have proposed overhauling the system, but the New York Times recently reported that obstacles remain to such a change.