Professor Stewart Sterk was quoted in an article on Gothamist, focusing on New York City’s complicated property tax system and specifically, the issue that Gramercy Park isn’t taxed because its value was proven to be captured in the tax assessments of the properties surrounding it. But many of these properties are apparently undervalued, according to the article.
Sterk said, "a more elegant solution exists: go back to taxing Gramercy Park itself. That seems perfectly reasonable to me, that’s the way to do it, rather than just assessing them because their own apartments are worth more. And if they don’t think it’s worth it, then they can all agree to sit down and get rid of Gramercy Park.”
Read the complete article here.