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MATTER OF 31/32 LEXINGTON ASSOCIATES v. TAX APPEALS TRIBUNAL OF THE STATE OF NEW YORK

258 A.D.2d 684 (1999)

685 N.Y.S.2d 329

In the Matter of 31/32 LEXINGTON ASSOCIATES, Petitioner, v. TAX APPEALS TRIBUNAL OF THE STATE OF NEW YORK et al., Respondents.

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

Decided February 4, 1999.

Yesawich Jr., J.

In May 1988, petitioner transferred its interest in real property located in New York City to 205-215 Lex Associates (hereinafter the buyer) for $49,100,000. The transaction was accomplished by the issuance of two purchase money mortgages. The second purchase money mortgage, which was taken back by petitioner, was to be paid in installments over a five-year period. Petitioner's net gain on the transfer was $3,910,000 and, pursuant to Tax Law former...

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