One Park Avenue. Image Credit: Google Maps

City Tax Appeals Tribunal determined transfer was not eligible for special reduced rate. One Park Avenue Mezz Partners LLC, a subsidiary of industry giant Vornado Realty Trust, held a 100 percent equity interest in a commercial building located at One Park Avenue in Manhattan. In March 2011, while looking to refinance the building, Vornado had that equity interest transferred in full to two new subsidiary real estate investment trusts. The compensation was roughly $5.6 million ($2.25 million in cash and $3.375 million in the form of ownership stakes in the grantee trusts). (more…)

Date: Thursday, January 23, 2020

Time: 2:00 p.m. – 5:10 p.m.

Location: 185 West Broadway, (Bet. Worth and Leonard Sts.), Auditorium

*Registration: $250 General Admission / $100 NYC Agency Attorneys

CLE: 3.5 Transitional and Nontransitional CLE Credits: 3.0 in Professional Practice and 0.5 in Ethics and Professionalism

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NYC Comptroller Scott Stringer. Image credit: Office of the New York City Comptroller

Comptroller audit finds that HPD’s controls to ensure that housing incentives were rewarded to qualified applicants were largely effective. On June 27, 2017, the Office of the city Comptroller Scott Stringer released a report of an audit of the Department of Housing Preservation and Development. The audit sought to evaluate whether HPD had adequate controls to ensure that its housing incentive projects were properly awarded to property owners and developers that qualified for the program, had the ability to create or preserve the required affordable units and had a satisfactory record of performance to assure the business’ integrity.   (more…)

NYC Comptroller Scott Stringer. Image credit: Office of the New York City Comptroller

Comptroller’s audit finds that the DOF misclassified for tax purposes at least twelve Class 1 properties on Staten Island. On February 24, 2017, the Office of the City Comptroller Scott Stringer released a report of an audit of Department of Finance property classifications on Staten Island. The audit sought to evaluate whether payments to Samaritan and the payment rates were reasonable, appropriate, and adequately supported, and whether Samaritan was complying with its contract with DHS. Additionally, the audit sought to determine whether DHS adequately monitored Samaritan to ensure that all payments were made in compliance with the contract. (more…)

NYC Comptroller Scott Stringer. Image credit: Office of the New York City Comptroller

The audit report finds that the Department of Finance’s incorrect classification of Queens properties as mixed-use properties resulted in lost revenue for the City. On June 10, 2016, the Office of the City Comptroller Scott Stringer released a report of an audit conducted by the Department of Finance. The audit sought to determine whether the Department of Finance used procedures to ensure that properties classified as mixed-use in Queens had been properly classified.

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