Transferring Members of an LLC - Tax Consquences

[Salvatore Trapani]

I'm currently managing a commercial (15-unit residential) building in the Bronx, NY that is held under an LLC by a 100% sole-member.

The member is looking to fully transfer the corp. stake to a family member, making that person 100% sole-member.

Ownership of the building remains the same (as the LLC), but it's members are changing.

Is there a tax consequence involved? Is this still considered a sale with required transfer taxes?