Herman Katz Cangemi & Clyne Logo, real estate attorneys real estate lawyers, Long Island, New York
Commercial real estate litigation real estate law, business valuations

Recent Cases of Interest
Assessment Reductions Throughout New York

The following are recent trials where HKCC attorneys have successfully
served as lead trial counsel.

$90 Million Plus in Assessment Reductions
New York City, New York

This major office/retail building served as the New York City headquarters of a Fortune 500 company. The complex legal issues caused by the property's unusual condominium form of ownership resulted in a lengthy valuation trial, which concluded in 2005. The court ordered $90 million plus in assessment reductions for the client.

Decision of First Impression
Nassau County, New York

This trial involved complicated valuation concepts including going concern and business valuation as well as assessability issues for a converted warehouse/industrial property purchased by the world's largest owner/operator of storage facilities. The decision is one of the first involving this type of facility in New York State and a decision of first impression in Nassau County. After trial, a decision of the court resulted in substantial assessment reductions for all the years under review, including an approximate 30 percent reduction in the last year.

Fundamental Difference in Valuation Methodology Theory being Tested
Suffolk County, New York

This case involves a multi-use, single tax lot seasonal community in central Suffolk County. There is a fundamental difference in valuation methodology, which would result in substantial relief to the taxpayer should the firm's theory prevail. The firm was successful in the trial court and in the appeal.

$150 Million Assessment Reduction
Ulster County, New York

This case involved a 2.5 million square foot, 27-building complex, which is situated on 260 acres in Ulster County, New York. Originally an IBM-owned facility, the property is being developed as a technology center. The proceedings involved 24 separate appraisals of various property types, including warehouse, office, industrial, research, and development space. At the conclusion of the two-week trial, the taxing authority, at the court's urging, agreed to a $150 million assessment reduction, which resulted in a $7.5 million benefit to the firm's client.

Approximately 40 Percent in Assessment Reductions
Nassau County, New York

A decision by a trial court resulted in assessment reductions of approximately 40 percent for a 150-acre private golf and country club located in Nassau County, New York. The property includes an 18-hole golf course with a clubhouse, swimming pool, and cottages.

Twenty-five Percent Assessment Reduction for National Department Store
Nassau County, New York

HKCC achieved an approximate 25 percent reduction in assessment for a 148,122-square-foot, partial two-story, single-tenanted national department store located in Garden City, Nassau County, New York.