Link to February 2 Buffalo News report.Excerpt: The Statler Towers is a “dead building” that has a negative market value, a lawyer told Buffalo’s assessment review panel at a hearing Monday in City Hall.
Attorney Peter Allen Weinmann warned that if the city refuses to dramatically slash the assessed value of the Delaware Avenue building, it could further hinder efforts to develop the empty complex that towers over Niagara Square.
“The building is a shell — a ghost of its . . . past,” Weinmann told the Board of Assessment Review, a five-member panel of citizen volunteers that considers assessment challenges.
The Wolfgang & Weinmann law firm submitted documents urging the city to assign a negative value of nearly $12.2 million to the Statler. The 18-story landmark is currently assessed at $3.5 million.
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