5-7 Park Avenue Corp. v. Tax Commission

Respondents-appellants appeal from a final order entered December 23, 1957, reducing the assessments on petitioner’s real property, 5-7 Park Avenue (Block 890, Lot 1), Manhattan, for the tax years 1954-55 through 1956-57. The reductions amounted to $350,000, or about 22%, for the first year in issue, and to $150,000, or 7%%, for the two succeeding years. The assessments and trial court findings are as follows:

The issues are somewhat different in respect of the first tax year, 1954-55, and the two succeeding years, 1955-56 and 1956-57. In addition to the common issue of valuation, insofar as…