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Grand larceny is specifically defined as the unlawful taking of property valued over a certain amount, which in many jurisdictions, including New York, is over $1,000. This classification is significant because it differentiates between various degrees of theft, which can result in different legal consequences. The threshold amount for distinguishing grand larceny from petty larceny is set to prioritize the severity of the crime based on the value of the stolen property.

When property is taken unlawfully and surpasses this value, it not only reflects a higher economic impact but also incurs stiffer penalties under the law, such as felony charges. This understanding is crucial for those involved in law enforcement, private investigation, and legal professions, as it directly affects the prosecution and defense strategies in theft-related cases. Recognizing the thresholds for different types of larceny helps professionals accurately assess situations, provide legal guidance, and understand the implications of the law.