Paul Milstein, Real Estate Mogul, Dies at 88 - Obituary (Obit) - NYTimes.com.
And got to call himself a self-made man!
Do we think that the difference between $5 million in 1984 and $325 million in 2006 came out of thin air?
Does anyone think Mr. Milstein, or any of his family members, created that $320 million?
And now that Mr. Millstein has died, none of that increase will be returned to the commons through a federal estate tax.
Will the taxpayers of NYC be relieved of any of the taxes on their wages, or their purchases through the recovery of some fraction of that $320 million?
Shouldn't they?
The better way, of course, would be to collect the rental value of the raw land, month in and month out, from those who claim title of it.
Were we to do that, the "consolation prize" would have only remained a parking lot ever so briefly. And none of the Milsteins would have received a windfall from their fellow New Yorkers.
Mr. Milstein’s consolation prize in the Times Square project was not insignificant. In 1984, the family bought a parking lot on the southeast corner of 42nd Street and Eighth Avenue for $5 million. In the division of assets resulting from the family brouhaha, Paul paid $111 million to his brother and other partners in 2001. Five years later, he sold the parcel for $325 million. (A new 40-story tower now rises from the site.)
And got to call himself a self-made man!
Do we think that the difference between $5 million in 1984 and $325 million in 2006 came out of thin air?
Does anyone think Mr. Milstein, or any of his family members, created that $320 million?
And now that Mr. Millstein has died, none of that increase will be returned to the commons through a federal estate tax.
Will the taxpayers of NYC be relieved of any of the taxes on their wages, or their purchases through the recovery of some fraction of that $320 million?
Shouldn't they?
The better way, of course, would be to collect the rental value of the raw land, month in and month out, from those who claim title of it.
Were we to do that, the "consolation prize" would have only remained a parking lot ever so briefly. And none of the Milsteins would have received a windfall from their fellow New Yorkers.
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