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Kips Bays Towers Condominium v. Commissioner of Finance

NEW YORK SUPREME COURT, APPELLATE DIVISION, FIRST DEPARTMENT


October 15, 2009

IN RE KIPS BAYS TOWERS CONDOMINIUM, PETITIONER-APPELLANT,
v.
THE COMMISSIONER OF FINANCE, ET AL., RESPONDENTS-RESPONDENTS.

Order, Supreme Court, New York County (Jane S. Solomon, J.), entered September 23, 2008, which, to the extent appealed from as limited by the brief, confirmed the assessed valuation of the subject property for the tax years 1997/98, 1998/99, 1999/2000, 2002/03 and 2003/04, unanimously affirmed, without costs.

Published by New York State Law Reporting Bureau pursuant to Judiciary Law § 431.

This opinion is uncorrected and subject to revision before publication in the Official Reports.

Gonzalez, P.J., Friedman, Moskowitz, Renwick, JJ.

200483/97, 201069/98, 200841/99, 203376/00, 201073/01, 202423/02, 202599/03

The assessed valuations confirmed by the court were within the range of the trial evidence (see Matter of Bass v Tax Commn. of City of N.Y., 179 AD2d 387, 388 [1992], lv denied 80 NY2d 751 [1992]). The court's determination that the actual rents for the unsold condominium apartments, which both parties' expert appraisers agreed were below market rents, were an inappropriate component of valuation of the property was not against the weight of the evidence or contrary to law (see Matter of Merrick Holding Corp. v Board of Assessors of County of Nassau, 45 NY2d 538, 543 [1978]). Nor is there any basis to disturb the court's factual findings with respect to income, expenses and capitalization rates.

THIS CONSTITUTES THE DECISION AND ORDER OF THE SUPREME COURT, APPELLATE DIVISION, FIRST DEPARTMENT.

20091015

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