E.L.C. Hotel Corp. v. Tax Appeals Tribunal

Proceeding pursuant to CPLR article 78 (initiated in this Court pursuant to Tax Law § 2016) to review a determination of respondent Tax Appeals Tribunal which sustained a real property transfer gains tax assessment imposed under Tax Law article 31-B.

Petitioners each formerly owned real property, located in the City of New York, which was condemned by the New York State Urban Development Corporation (hereinafter UDC) in April 1990. Compensation for the subject properties (which in each case exceeded $1,000,000) was not paid until approximately a year later. The instant petition challenges a…