Opinion
December 13, 1966
Order entered on or about May 5, 1961, reducing the assessments on premises at 29 Broadway, Block 20, Lot 1 for the tax years 1956-1957 through 1960-1961, inclusive, unanimously reversed, on the law and the facts, and the assessments reinstated and confirmed, without costs or disbursements. The record lacks substantial basis for a reduction of the assessments from $3,400,000 for the years in question. The property was sold to the petitioner in 1952 for $3,625,000, and the evidence is that values in the area have risen, not decreased, since then. The rental history of the building and the net returns therefrom likewise establish a capital value well in excess of the assessments. ( Matter of Morganroth v. Tax Comm. of City of N Y, 22 A.D.2d 860.) The evidence to the contrary was far from sufficient to carry petitioner's burden of proof. ( People ex rel. Jamaica Water Supply Co. v. State Bd. of Tax Comrs., 196 N.Y. 39, 53; Matter of Peterson v. Board of Assessors of Town of Westport, 25 A.D.2d 797.) Settle order on notice.
Concur — Breitel, J.P., Stevens, Steuer, Capozzoli and Witmer, JJ.