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    Realty Trust Must Pay Higher Tax Rate

    Real Property Tax  •  Murray Hill, Manhattan

    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). (read more…)

    Tags : CityLaw, New York City Tax Appeals Tribunal, One Park Avenue, property tax, Real Property Tax Law
    Date:01/06/2020
    Category : CityLaw
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