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March 23, 2014- Crain’s reports, “Late last month, a pair of lawyers working for Newman Ferrara, a small law firm, set New York’s powerful real estate industry on its ear by filing a class-action suit that challenges the basic underpinnings of the city’s $21 billion property tax.
For decades the city has been criticized, especially by the commercial real estate industry, for placing too much of the financial burden on rental-apartment and office buildings. Meanwhile, single-family homes, condos and co-ops, especially those trading hands for tens of millions of dollars on Park Avenue and Central Park West, pay far less than their fair share, critics say.”