The transaction involving the transfer of Air Rights should be viewed in its entirety for purposes of the RPTT. The quit claim deeds are not part of a separate transaction but merely a mechanism to confirm and record that the Purchaser owns the portion of the building housing the residential condominium units and the Seller owns the commercial condominium unit and do not result in a change in beneficial ownership. The consideration for the transfer of the Air Rights is $15,230,000 plus the value of the commercial unit constructed by the Purchaser for the Seller less the $500,000 that the Seller contributed towards the construction. #15-4967 11/13/15
Sale of a single condominium apartment unit along with one or more noncontiguous studio units, the ownership and use of which is substantially restricted under the condominium's by-laws, should be treated as the sale of an individual condominium apartment subject to the lower tax rate schedule for Real Property Transfer Tax provided in Code section 11-2102(a)(9)(i). #14-4965 6/15/15
Sale of a single condominium apartment unit along with one or more noncontiguous suite units, the ownership and use of which is substantially restricted under the condominium's by-laws, should be treated as the sale of an individual condominium apartment subject to the lower tax rate schedule for Real Property Transfer Tax provided in Administrative Code section 11-2102(a)(9)(i). #14-4963 6/15/15