New York Court of Appeals
In the Matter of the Trump-Equitable Fifth Avenue Company v. Anthony B. Gliedman
July 5, 198462 N.Y.2d 539
Summary
The Court held that the Department of Housing Preservation and Development's regulation adding a requirement of substantial under‑utilization and functional obsolescence violated the plain language of §421‑a, and that the Bonwit Teller site was under‑utilized, thus reinstating the tax‑exemption judgment for Trump Tower.