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MATTER OF WOODLAWN VETERANS MUT. HOUS. CO., INC. v. TAX COMM'N OF THE CITY OF NEW YORK

52 A.D.2d 798 (1976)

In the Matter of Woodlawn Veterans Mutual Housing Company, Inc., Respondent, v. Tax Commission of the City of New York et al., Appellants

Appellate Division of the Supreme Court of the State of New York, First Department.

May 18, 1976

The property at issue, to wit, No. 4260 Katonah Avenue in the Bronx, is unique in the sense that it was built in 1959 as a Mitchell-Lama nine-story co-operative and, as a consequence, generates no income. It was constructed at a cost of $1,600,000 financed in large measure by a New York State Housing Finance Agency mortgage loan of $1,550,000 bearing interest of 3.392% for 50 years. Preliminarily, it is noted that the land components of the total assessments were confirmed...

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