Coney Island High-Rise Dodges $21M Transfer Tax On Appeal

Law360, New York (October 4, 2012, 1:46 PM EDT) -- The owners of a Brooklyn, N.Y., high-rise do not have to pay a $21.2 million tax improperly tied to the complex's exit from an affordable housing program, a New York Court of Appeals panel ruled Wednesday, reversing a lower court's order that the city-leveled tax should stand.

In a unanimous decision, the appellate panel said Trump Village was shielded from the real property transfer tax, or RPTT, because when it shifted from an affordable housing complex to a corporation in 2007, its shareholders remained the same....
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