Schreiber: Co-ops Group Ready to Sue

After Department of Finance Commissioner David Frankel admitted system failures, a group of co-op presidents want them to change methods.

A group of co-op presidents still plan to move forward with legal action against the city—after being offered a compromise by the Department of Finance aimed at remedying botched tax assessments—according to Bay Terrace Community Alliance President Warren Schreiber.

At a City Council , DOF Commissioner David Frankel said his agency would take an increase of no more than 10 percent each year, for the next five years.

He also testified that the overvaluations were caused by a that compared co-ops to incomparable properties, including commercial real estate.

“Now that the 10 [percent] cap has been declared, there is no other option,” Schreiber said, adding, “While we appreciate this major concession on the part of Commissioner Frankel, it only provides a one year reprieve.“ 

The group, Schreiber said, will be fighting the same battle next year, unless the method of assessment is revised.

Mitch Schwadron May 13, 2011 at 11:44 PM
Warren, Your fighting the good fight, politics aside, and luckily for you there isn't a Toby insight. So who are you running against next year? The Invisible Ed Braunstein, or the Winner of the primary in the 16th Senatorial district?
Warren Schreiber May 14, 2011 at 03:58 AM
Every once in a while I'll be approached about running for elective office. Beyond what I'm involved in now, I have no political aspirations whatsoever. Doing what's right for the community gives me all the satisfaction I need. When the NYC Department of Finance imposes arbitrary and capricious double and triple digit property tax assessment increases on middle class co-ops and condos, that is not a Democratic or Republican issue. It effects everyone. We all know when our pickets are being picked.


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