You should seek the advice of a qualified RE investment planner, because what you pay in taxes can vary greatly depending on how your deal is structured. For example, the transfer tax and mansion tax (if applicable) are halved if you are investing through a real estate investment trust (REIT).
But this, and the STAR exemption, are relatively minor when considering the bigger tax picture, which hinges on property value after improvements (new taxable value) and capital gains.
Depending on your objectives (flip or hold) your investment planner should be able to help you come up with a strategy that minimizes your tax liabilities.
In Jericho, a number of people over the past few years have purchased investment homes in the mid sixes, spend a third of that again remodeling with the expectation of selling close to the million dollar mark. Unfortunately, some of them failed to take into account the tax hike that accompanies assessment after a major remodel, which in turn has a negative effect on selling price, while at the same time increasing carrying costs. This can be a dangerous trap if the investor is already stretched thin by an over budget renovation or other unforeseen costs. Do your research carefully and account for cost overruns. Seek professional advice on how to minimize your liabilities and risks.