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MATTER OF LOVETT v. ASSESSOR OF TOWN OF ISLIP

298 A.D.2d 521 (2002)

748 N.Y.S.2d 517

In the Matter of ROBERT LOVETT, Appellant, v. ASSESSOR OF TOWN OF ISLIP et al., Respondents.

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

Decided October 21, 2002.

Ordered that the judgment is affirmed, with costs.

It is well settled that "the purchase price set in the course of an arm's length transaction of recent vintage, if not explained away as abnormal in any fashion, is evidence of the `highest rank' to determine the true value of the property at that time" (Plaza Hotel Assoc. v Wellington Assoc., 37 N.Y.2d 273, 277). The Supreme Court correctly determined that the 1994 sale...

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