The appeal of a rejiggered city transfer tax that could cost Vornado Realty Trust $23.8 million and Alexander’s another $23.8 million won’t be reviewed in court until later this fall.

The Appellate Term, First Department is still awaiting NYC’s reply papers, a clerk told The Post.

In January 2018, the city’s Tax Appeals Tribunal overruled a decision by an administrative law judge. In particular, they recalculated the deal and said the stake in One Park Ave. that was sold by entities of Vornado was just shy of the 40 percent required by the law.

The Tax Tribunal also ruled the value of the property was not the city’s own published fair market value that all REITs and their attorneys had been using for more than 20 years, but the actual sales pricing which was several times higher.

The waiting will go on longer as any future appellate panel ruling would likely be appealed by one of the parties to the state’s highest court.

If these decisions go against Vornado, the financial recalculations will affect all other REITs and cause both previous and future transactions to suddenly owe millions of dollars more to the city. Stay tuned.