A divided New York Court of Appeals, the state’s highest appellate court, has ruled that economic development is not a charitable activity and that a parking garage operated by a 501(c)(3) economic development organization is not eligible for real estate tax exemption. The property is owned by Jamaica First Parking, LLC, a single member limited liability company of which Greater Jamaica Development Corporation is the sole member. Greater Jamaica is a 501(c)(3) economic development corporation formed to develop commercial, industrial and manufacturing facilities in Jamaica, Queens, New York City. The LLC is a “disregarded entity” for federal tax purposes and considered a part of Greater...