Tribeca Equity Partners, L.P. v. New York State Division of Housing & Community Renewal

OPINION OF THE COURT

Michael D. Stallman, J.

This CPLR article 78 proceeding requires the court to determine whether Real Property Tax Law § 421-a (2) (f) (ii) and related statutes permit high rent/high income deregulation1 of an apartment after the apartment building’s section 421-a tax benefits expire.

Background

According to the petition, in 1991, petitioner Tribeca Equity Partners, L.P., applied for, and was granted, RPTL 421-a tax benefits for a building it was constructing at 105 Duane Street in Manhattan (the Building). As a condition of obtaining such tax benefits, the Building became…