Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Attorney challenges Syracuse valuations for three Walgreens properties, cites weaker leases and recent sublease
Summary
Attorney representing owners of three Walgreens properties asked the Syracuse Board of Assessment Review to cut assessments, saying long-term Walgreens leases no longer reflect market rents and pointing to a recent Dollar General sublease and sales comps.
An attorney representing multiple Walgreens property owners urged the Syracuse City Board of Assessment Review on Feb. 21 to lower the tentative assessed values on three city Walgreens sites, arguing current long-term Walgreens leases overstate present market value.
The petitioners — represented at the hearing by Nicole Forcelli — asked the board to change the assessments on 2329 James Street, 394 Velasco Road (Onondaga Road), and 401 West Seneca Turnpike. Forcelli told the board she submitted comparables showing recent sales of similar drugstore properties and a market-based valuation roughly 40–50% below the city’s tentative market values.
Why it matters: The assessed value sets property tax bills and, where leases are triple-net, affects both owners and tenants. For commercial buildings anchored by national chains, shifts in…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
