Not a Lexis Advance subscriber? Try it out for free.

P 20131001020,Trump Village Section 3, Inc. v City of New York et al.

October 3, 2012

No Number in Original


Trump Village Section 3, Inc. v City of New York et al.

  P 20131001020. Supreme Court of New York, Appellate Division, Second Department, 2012 NY Slip Op 06595,, .

Trump Vil. Section 3, Inc. v City of New York

  2012 NY Slip Op 06595 [100 AD3d 170]  

  October 3, 2012

  Cohen, J.

  Appellate Division, Second Department

  Published by New York State Law Reporting Bureau pursuant to Judiciary Law § 431.

  As corrected through Wednesday, December 26, 2012

  [*1] Trump Village Section 3, Inc., Appellant, v City of New York et al., Respondents.

  Second Department, October 3, 2012


Stroock & Stroock & Lavan LLP, New York City ( Daniel A. Ross and David M. Cheifetz of counsel), for appellant.

Michael A. Cardozo, Corporation Counsel, New York City ( Frances J. Henn, Vincent D'Orazio and Joshua M. Wolf of counsel), for respondents.

  [**100 AD3d at 171] OPINION OF THE COURT

  Cohen, J.

  On this appeal, we are asked to determine whether a taxable transfer occurs under Tax Law § 1201 (b) and Administrative Code of the City of New York § 11-2102 (a) when a residential housing cooperative corporation amends its certificate of[**100 AD3d at 172] incorporation as a part of its voluntary dissolution, reconstitution, and termination of participation in the Mitchell-Lama housing program ( see Private Housing Finance Law § 10 et seq.). For the reasons set forth below, we hold that because there is no transfer or conveyance of any real property or an interest in real property under those circumstances, no taxable event occurs.

Background T

  The plaintiff, Trump Village Section 3, Inc., owns a residential housing cooperative complex consisting of three, 23-story buildings located in Brooklyn. Upon its incorporation in 1961, Trump Village took title to the underlying real property that it now owns pursuant to the Mitchell-Lama housing program.

  The Mitchell-Lama housing program was established in 1955 as a New York State affordable housing program. The program took its name from its legislative sponsors, former Manhattan State Senator MacNeil Mitchell and former Brooklyn Assemblyman Alfred Lama. It was created to encourage and facilitate the construction and continued operation of affordable rental and cooperative housing in the State of New York for moderate- and middle-income families. Approximately 269 Mitchell-Lama developments, representing about 105,000 apartments, were built in New York State under the program, and many consider it one of the most successful affordable housing programs of its kind.

Read The Full CaseNot a Lexis Advance subscriber? Try it out for free.

Full case includes Shepard's, Headnotes, Legal Analytics from Lex Machina, and more.

NY St. Tax. Rep. (CCH) P 20131001020

P 20131001020,Trump Village Section 3, Inc. v City of New York et al.


trump, village, was, real property, reconstitute, finance, cooperative, convey, housing program, deed, certificate of incorporation, improperly imposed, summary judgment, dissolute, terminate, exempt, stock