Eligibility for Leasehold Tax Exemption Extended to Foreign Governments
New York City's status as a hub for foreign government offices provides a permanent source of demand for real estate, with a long-term need for space and one that is less susceptible than private investment to market cycles or the vicissitudes of the economy.
August 10, 2021 at 11:04 AM
11 minute read
New York City boasts the largest cluster of diplomatic and consular offices in the world, with the headquarters of the United Nations General Assembly and Security Council and (according to a 2016 guide issued by the New York City Mayor's Office for International Affairs) 193 permanent missions, 114 consulates and 75 trade missions. From Afghanistan to Zimbabwe, countries around the world need facilities in New York to support their foreign affairs and to provide services (related to passports, notarization, immigration matters and other needs) to the millions of foreign nationals living, working and traveling in and around the five boroughs and the surrounding metropolitan area.
New York City's status as a hub for foreign government offices provides a permanent source of demand for real estate, with a long-term need for space and one that is less susceptible than private investment to market cycles or the vicissitudes of the economy.
Real Estate Tax Exemption for Owned Property
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