A real estate holding company has lost its bid to challenge the imposition of New York City’s real property transfer tax on an ownership stake in the iconic building at 1328 Broadway in Manhattan, known as 2 Herald Square.
A panel of the Appellate Division, First Department, ruled on Tuesday that the New York Tax Appeals Tribunal properly rejected an argument by a holding company that the sale of a $25 million membership stake in the property and releasing an $86 million mortgage obligation amounted to a “mere change of form of ownership” and thus should be exempt from the tax.
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