(DOWNLOAD) "Plaza Hotel Associates Et Al. v. Wellington Associates" by Court of Appeals of New York * eBook PDF Kindle ePub Free
eBook details
- Title: Plaza Hotel Associates Et Al. v. Wellington Associates
- Author : Court of Appeals of New York
- Release Date : January 08, 1975
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 66 KB
Description
[37 N.Y.2d 273 Page 274] Once again, we are called upon to review the valuation given to the realty involved in this action. In the first proceeding (Plaza Hotel Assoc. v Wellington Assoc., 55 Misc. 2d 483, affd 28 A.D.2d 1209, affd 22 N.Y.2d 846), it was held that the appraisers erroneously valued the land at its highest and best use, as if it were vacant, without regard to the fact that the land was encumbered by a lease which restricted the use of the property to hotel purposes only, for a period of up to 50 years. A new appraisal, based upon the land, burdened with the restrictions in the lease, was therefore directed.