Here's where we present real world examples of the Zaniness that is the NYC real property assessment system. New York, the "real estate capital of the world", where incoherence is rampant, and privilege prevails. Join us, on a phantasmagorical trek.
Here are two examples, to show our basic methods and terms -- after that, we'll break off into categories. For a definition of terms, please click here.
57 Stone St./ 13 S. William St.
This three-story building has entrances on both of these streets, which are parallel to each other. It is in the concrete canyons of lower Manhattan -- our site is the lightened spot in the huge shadow, below.
The building and lot are 16 x 79 feet. The building, recently remodeled and in good repair, is being offered for sale for eight and a quarter million dollars.
The city, however, considers this parcel to be worth $665,000, of which the land accounts for $381,000. These figures are roughly consistent with those of the neighboring buildings, including the boarded-up one on the corner.
The realtor's ad, which touts the architectural features of the building and its good maintenance, seems to be marketing this "acquisition opportunity" for someone to use (not to tear down and develop). All the neighboring parcels have different owners. Perhaps a small, old building like this one has developed cachet -- because the block has lain underdeveloped (and undertaxed) for so long?