Teachers Insurance & Annuity Association of America v. Tax Commission

Appellate Division of the Supreme Court of New York

Teachers Insurance & Annuity Association of America v. Tax Commission

27 A.D.2d 833, 278 N.Y.S.2d 570, 1967 N.Y. App. Div. LEXIS 4533

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

DecidedMarch 30, 1967

StatusPublished

This text of 27 A.D.2d 833 (Teachers Insurance & Annuity Association of America 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

Teachers Insurance & Annuity Association of America v. Tax Commission, 27 A.D.2d 833, 278 N.Y.S.2d 570, 1967 N.Y. App. Div. LEXIS 4533 (N.Y. Ct. App. 1967).

Pincite

Opinion

Final order, entered on or about May 12, 1964, [834]*834reducing assessments on petitioner’s real property known as the General Telephone Building at 730 Third Avenue, Manhattan, for tax years 1959-60 through 1963-64, unanimously reversed, on the law and the facts, and assessments reinstated and confirmed, with $50 costs and disbursements to respondent-appellant-respondent. The property under review is a 28-story, modern, air-conditioned office building; almost, if not completely rented, and located in an area of great potential. It represents • an over-all investment of over fourteen million dollars, a sum far exceeding the total assessment. It has, with some consistency, yielded a net return of approximately 9% on the assessed valuations. These facts are sufficient to preclude any reduction in the assessments. (Matter of Metropolitan Life Ins. Co. v. Tax Comm. of City of N. Y., 22 A D 2d 870, affd. 16 N Y 2d 935.) In the matter before us, the ease against reduction is rendered more cogent by the fact that in 1959, in a sale lease back transaction, wherein New York Life Insurance Company paid $14,377,000 for the property, $2,400,000 was allocated to land alone. Moreover, the sole testimony of petitioner’s expert is too slender a reed to support the conclusion of Special Term. The record, therefore, lacks substantial basis for a reduction of the assessments for the years in question. Settle order on notice. Concur —Botein, P. J., Stevens, Steuer, Capozzoli and MeGivern, JJ.

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Final order, entered on or about May 12, 1964, [834]*834reducing assessments on petitioner’s real property known as the General Telephone Building at 730 Third Avenue, Manhattan, for tax years 1959-60 through 1963-64, unanimously reversed, on the law and the facts, and assessments reinstated and confirmed, with $50 costs and disbursements to respondent-appellant-respondent. The property under review is a 28-story, modern, air-conditioned office building; almost, if not completely rented, and located in an area of great potential. It represents • an over-all investment of over fourteen million dollars, a sum far exceeding the total assessment. It has, with some consistency, yielded a net return of approximately 9% on the assessed valuations. These facts are sufficient to preclude any reduction in the assessments. (Matter of Metropolitan Life Ins. Co. v. Tax Comm. of City of N. Y., 22 A D 2d 870, affd. 16 N Y 2d 935.) In the matter before us, the ease against reduction is rendered more cogent by the fact that in 1959, in a sale lease back transaction, wherein New York Life Insurance Company paid $14,377,000 for the property, $2,400,000 was allocated to land alone. Moreover, the sole testimony of petitioner’s expert is too slender a reed to support the conclusion of Special Term. The record, therefore, lacks substantial basis for a reduction of the assessments for the years in question. Settle order on notice. Concur —Botein, P. J., Stevens, Steuer, Capozzoli and MeGivern, JJ.

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Bluebook (online)

27 A.D.2d 833, 278 N.Y.S.2d 570, 1967 N.Y. App. Div. LEXIS 4533, Counsel Stack Legal Research, https://law.counselstack.com/opinion/teachers-insurance-annuity-association-of-america-v-tax-commission-nyappdiv-1967.