Realty company claimed property transfer was exempt from City taxes. In April 2007, the Gramercy Capital Corporation purchased a forty-five percent ownership share in the Marbridge building at 2 Herald Square in Manhattan, and the SL Green Realty Corporation purchased the remaining fifty-five percent interest. In December 2010, the two owners formed the 2 Herald Owner LLC and each transferred their respective interests into the Owner LLC. On the same day in December 2010, … <Read More>
Search Results for: Property Tax Exemption
City Developer Denied Tax Abatement
Court found that application was not filed within the statutory time period of one year. On January 27, 2016, the New York State Supreme Court denied a Brooklyn developer’s petition to reverse a Department of Finance decision to not grant a tax abatement. The Developer, 96 Wythe Acquisitions, filed the petition after the Department of Finance denied the application for the tax abatement because it was not filed within the mandatory one-year requirement. 96 Wythe … <Read More>
Nonprofit’s Parking Facilities Ruled Subject to Property Tax
Court of Appeals reversed decision of Appellate Division recognizing a tax exemption. In 2011, the Department of Finance revoked a property tax exemption granted for five public parking facilities owned by the nonprofit Greater Jamaica Development Corporation and its LLC, Jamaica First Parking. The exemption, granted in 2007 pursuant to RPTL §420-a in recognition of Greater Jamaica’s mission to spur development and growth in the downtown Jamaica area, was revoked on the grounds that operating … <Read More>
Manhattan Developer Pays $4.7 Million in Tax Evasion Settlement
Attorney General Schneiderman found the developer was operating a building as an illegal hotel while receiving a 421-a property tax exemption. On February 26, 2015 New York State Attorney-General Eric Schneiderman announced reaching a settlement with 47 East 34th Street LP over illegally evading New York property taxes. The LP owns an apartment building at 47 East 34th Street in Manhattan which is exempt from property tax under the 421-a program, however the Attorney General’s … <Read More>
Parking Facilities Ruled Exempt from Property Tax
Parking Lots associated with Greater Jamaica Development corporation challenged Finance’s withdrawal of tax exemption. Greater Jamaica Development Corporation and Jamaica First Parking, LLC, brought an article 78 petition against the Department of Finance and the New York City Tax Commission, challenging the City’s revocation of a charitable tax exemption for the public parking facilities they owned and operated. On appeal to the Appellate Division, Second Department, the court restored the tax exemption.
Appellate Court Upholds AirBNB Law [UPDATE: Court of Appeals Denies Leave to Appeal]
Court found that DOB letter of objection exception to the Multiple Dwelling law was no longer valid. On March 17, 2016, New York Appellate Court reversed a Lower Court’s Decision and thus denying Grand Imperial LLC’s Petition for a Letter of No Objection to rent its property for shorter than the legally required time period. Grand Imperial LLC owns a Single-Room Occupancy building, located at 307 West 79th Street on Manhattan’s Upper West Side, … <Read More>