Lexington-79th Corp. v. Tax Commission

Appellate Division of the Supreme Court of New York

Lexington-79th Corp. v. Tax Commission

30 A.D.2d 524, 290 N.Y.S.2d 452, 1968 N.Y. App. Div. LEXIS 3899

CourtAppellate Division of the Supreme Court of the State of New York

DecidedMay 23, 1968

StatusPublished

This text of 30 A.D.2d 524 (Lexington-79th Corp. v. Tax Commission) is published on Counsel Stack Legal Research, covering Appellate Division of the Supreme Court of the State of New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Lexington-79th Corp. v. Tax Commission, 30 A.D.2d 524, 290 N.Y.S.2d 452, 1968 N.Y. App. Div. LEXIS 3899 (N.Y. Ct. App. 1968).

Pincite

Opinion

Judgment unanimously reversed, on the law and the facts, petition dismissed and the assessments reinstated, with $50 costs and disbursements to appellants. These are consolidated proceedings for the five tax years 1962-1963 through 1966-1967. The property, located at the northwest corner of Lexington Avenue and East 79th Street, is improved with an apartment house, co-operatively owned. The experts for both parties used a capitalization method based on estimated income and expenses on the assumption that the building was operated as a commercial venture. The petitioner’s expert, however, utilized an unrealistic vacancy allowance and projected estimated deductible expenses that were not based on independent proof and were highly speculative. Furthermore, on the basis of comparable sales the land value assessments are not excessive. The unit lot factor used by petitioner’s expert is similarly unrealistic upon all the proof. Moreover, the comparable sales used by this appraiser were made in a period remote from the assessment years. The substantial number of comparable sales submitted by the city’s expert establish that the land assessments were within permissible range. Settle order on notice. Concur — Botein, P. J., Stevens, Tilzer, McNally and Bastow, JJ.

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Judgment unanimously reversed, on the law and the facts, petition dismissed and the assessments reinstated, with $50 costs and disbursements to appellants. These are consolidated proceedings for the five tax years 1962-1963 through 1966-1967. The property, located at the northwest corner of Lexington Avenue and East 79th Street, is improved with an apartment house, co-operatively owned. The experts for both parties used a capitalization method based on estimated income and expenses on the assumption that the building was operated as a commercial venture. The petitioner’s expert, however, utilized an unrealistic vacancy allowance and projected estimated deductible expenses that were not based on independent proof and were highly speculative. Furthermore, on the basis of comparable sales the land value assessments are not excessive. The unit lot factor used by petitioner’s expert is similarly unrealistic upon all the proof. Moreover, the comparable sales used by this appraiser were made in a period remote from the assessment years. The substantial number of comparable sales submitted by the city’s expert establish that the land assessments were within permissible range. Settle order on notice. Concur — Botein, P. J., Stevens, Tilzer, McNally and Bastow, JJ.

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Bluebook (online)

30 A.D.2d 524, 290 N.Y.S.2d 452, 1968 N.Y. App. Div. LEXIS 3899, Counsel Stack Legal Research, https://law.counselstack.com/opinion/lexington-79th-corp-v-tax-commission-nyappdiv-1968.