It was sold for about $228 million because of the property tax system. We have Here in New York City and the ways in which assessments are made. A $228 million property has been assessed by the City of New York as having a value of 9.4 million. If we were to tax just that property by the valuation that it actually has, it would raise $3 million, which is money we could then give to McKinsey to design another trash can in the city. (14:41–14:47)
CLAIM
Asserts that a high-value property is significantly undervalued in tax assessments.
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