Park of Edgewater, Inc. v. Joy

OPINION OF THE COURT

Lupiano, J.

Petitioner, a domestic corporation, is fee owner of certain real property at Edgewater Park, Bronx County. The real property parcel, which is the subject of this proceeding, was vacant land at the time of its original renting prior to May 1, 1950. The original tenant was permitted to and did, in fact, construct his own one-family building upon this parcel, which he thereafter occupied. On or about August 5, 1975, the original tenant transferred the ownership of the building to his son for the nominal consideration of $1. Title to the land, of course, remained in…