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MATTER OF BAY VIEW TOWERS APARTMENTS, INC. v. STATE TAX COMM'N

40 N.Y.2d 856 (1976)

In the Matter of Bay View Towers Apartments, Inc., et al., Respondents, v. State Tax Commission et al., Appellants.

Court of Appeals of the State of New York.

Decided October 14, 1976.

Attorney(s) appearing for the Case

Louis J. Lefkowitz, Attorney-General (Francis V. Dow and Ruth Kessler Toch of counsel), for State Tax Commission, appellant.

W. Bernard Richland, Corporation Counsel (Arnold Fox and Samuel J. Warms of counsel), for City of New York, appellant.

Charles S. Desmond for Bay View Towers Apartments, Inc., respondent.

Arnold Y. Kapiloff for Briarwood Terrace, Inc., respondent.

Chief Judge BREITEL and Judges JASEN, GABRIELLI, JONES, WACHTLER, FUCHSBERG and COOKE concur in memorandum.

MEMORANDUM.

Judgment of the Appellate Division affirmed, with costs. Applicable precedents establish that a mere substitution of one mortgage agreement for another, even in combination with a change of mortgagors, is insufficient to create a new mortgage for purposes of section 253 of the Tax Law (People ex rel. Banner Land Co. v State Tax Comm., 244 N.Y. 159, esp 162-163; Matter of Suffolk County Fed. Sav. &...

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