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MATTER OF VCP ONE PARK REIT LLC v. NEW YORK CITY TAX APPEALS TRIB.

2970], 153/18.

171 A.D.3d 632 (2019)

99 N.Y.S.3d 261

2019 NY Slip Op 03149

In the Matter of VCP One Park REIT LLC et al., Petitioners, v. New York City Tax Appeals Tribunal et al., Respondents.

Appellate Division of the Supreme Court of New York, First Department.

Decided April 25, 2019.

Under title 11, chapter 21 of the Administrative Code of the City of New York, a REIT transfer subject to the reduced RPPT rate occurs, where, as relevant here, there is an instrument transferring real property or an economic interest therein to a newly formed REIT, the value of the ownership interests in the REIT received by the grantor as consideration for the transfer is at least 40% of the value of the equity interest in the real property or economic interest therein...

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