The Matter of Brookdale Physicians' Dialysis Associates v. Department of Finance of the City of New York

Summary

The Court of Appeals held that real property owned by a not-for-profit corporation is not exempt under RPTL 420-a when the property is leased to and used exclusively by a for-profit corporation for profit-making services. Because the owner did not use the property for its own exempt fundraising purpose and the tenant operated a profit-making business, the court reversed, denied the petition, and dismissed the proceeding.