Park Ten Associates v. City of New York Department of Finance

*630OPINION OF THE COURT

Memorandum.

The judgment of the Appellate Division should be modified, with costs to appellants-respondents, by reinstating so much of respondents’ determination as disallowed the deduction of the consolidated mortgage of $9,954,474.91 from the net consideration subject to the real property transfer tax and, as so modified, affirmed.

This appeal arises out of respondents’ assessment of a deficiency in the amount of real property transfer tax petitioner owes as a result of its sale of an apartment building located at 10 West 66th Street in New York City. In August of 1979,…