Putnam Theatrical Corp. v. Gingold

Respondent appeals from a final order reducing the real estate tax assessment on petitioner’s real property in the City of Syracuse from $1,600,000 to $1,005,000. The plot has frontage of 127.5 feet on South Salina Street, 273.24 feet on Jefferson Street and 126 feet on Clinton Street. It is improved by a theatre, office and retail store building constructed in 1928 at a cost for land acquired and building construction of $3,780,000.

After trial, at which the court heard the testimony of expert witnesses, who appraised the property by both summation (reproduction cost less depreciation) and…