Press Releases

Stroock Wins $60 Million in Assessment Cuts for Trump Parc Condominium

Contact:
Elyse Blazey
Stroock & Stroock & Lavan LLP
Public Relations Strategist
212-806-6098
eblazey@stroock.com

For Immediate Release

Stroock Wins $60 Million in Assessment Cuts for Trump Parc Condominium

New York, NY, November 19, 2007…Stroock & Stroock & Lavan LLP, a national law firm with offices in New York, Los Angeles and Miami, announced today that the Supreme Court of the State of New York, New York County, issued a decision on November 14, 2007 in favor of its client Trump Parc Condominium. The Court awarded Trump Parc a total of $60 million in assessment reductions.

"This is a precedent setting case in that it is the first New York City Tax Certiorari trial involving a free market residential condominium," said Leonard Boxer, chairman of Stroock’s Real Estate Practice and head of the Tax Certiorari Practice.

Stroock’s trial team included Joseph L. Forstadt, Litigation Partner; Stanley Parness, Tax Certiorari Of Counsel; Glenn Borin, Co-Manager of Tax Certiorari Practice; Joseph B. Giminaro, Co-Manager of Tax Certiorari Practice; and Christian Fletcher, Litigation Associate.

The trial was held on July 31, 2007 and August 8, 2007 to review the assessments for 13 tax years (94/95 – 06/07). The Court ruled in Trump Parc’s favor by reducing the assessments for nine out of the 13 years. The largest one-year reduction was roughly $17 million in 06/07, reducing the assessment from approximately $52 million to $35 million. Trump Parc is located at Central Park South and Avenue of the Americas.

Stroock’s Tax Certiorari Practice represents commercial, retail, hotel and residential property owners in administrative and judicial proceedings protesting real property assessments in New York City and throughout the nation. In addition, Stroock represents owners and developers in negotiating and obtaining valuable tax incentives and exemptions, such as those emanating from the ICIP, as well as advising on the real estate tax structures in PILOT agreements for important sites such as the World Trade Center and Battery Park City. Stroock also provides tax projections for new acquisitions and development projects. Stroock is involved in cutting edge real estate tax reforms and works closely with such notable industry groups as the Real Estate Board of New York.

Stroock & Stroock & Lavan LLP is a law firm providing transactional and litigation guidance to leading investment banks, venture capital firms, multinational corporations and entrepreneurial businesses in the U.S. and abroad. Stroock is one of the country’s preeminent real estate firms and offers clients experience in development, acquisition, investment advisory services, leasing, joint ventures, financing and litigation. Stroock’s emphasis on client service and innovation has made it one of the nation’s leading law firms for 130 years. Stroock’s practice areas include: capital markets/securities, commercial finance, mergers & acquisitions and joint ventures, private equity/venture capital, private funds, derivatives and commodities, employment law and benefits, energy and project finance, entertainment, financial restructuring, financial services litigation, insurance, intellectual property, investment management, litigation, personal client services, real estate, structured finance and tax. For more information, please visit Stroock’s website at www.stroock.com.

###