201-203 Lexington Avenue Corp. v. 205/215 Lexington Ltd. Partnership
| Decision Date | 01 February 1996 |
| Citation | 224 A.D.2d 183,637 N.Y.S.2d 125 |
| Parties | 201-203 LEXINGTON AVENUE CORP., Plaintiff-Appellant, v. 205/215 LEXINGTON LIMITED PARTNERSHIP, Defendant-Respondent. 201-203 LEXINGTON AVENUE CORP., Petitioner-Appellant, v. Peter S. BROOKS, et al., Respondents-Respondents. |
| Court | New York Supreme Court — Appellate Division |
C.D. Porter, for 201-203 Lexington Ave. Corp.
M.D. Ashley, for 205/215 Lexington Ltd. Partnership and Peter S. Brooks.
Before ROSENBERGER, J.P., and ELLERIN, KUPFERMAN, NARDELLI and MAZZARELLI, JJ.
Order and judgment (one paper), Supreme Court, New York County (Edward Lehner, J.), entered May 9, 1995, which, in an action by plaintiff landlord challenging an appraisal of property made in a commercial rent dispute, granted defendant tenant's motion for summary judgment and confirmed the appraisal, unanimously affirmed, without costs. Order, same court and Justice, entered May 1, 1995, which, in a proceeding by petitioner landlord to compel disclosure from respondent appraiser, denied the application and dismissed the petition as moot, unanimously affirmed, without costs.
A reasonable reading of the lease supports the methodology employed by the appraisers to determine the renewal term of rent. The lease provides for a renewal rent "equal to 6% of the fair market value ... of the Demised Premises considered as vacant and unimproved, unencumbered by this lease, as of the date of the commencement of the relevant renewal term", and "sold at that time at private sale in fee simple, free from all encumbrances and restrictions, at its full and fair value". Such language manifestly contemplates disregard of the value of any improvements, and thereby inferentially requires consideration of current zoning, which permits construction of a building on the site less than half the size of the one that was erected in accordance with the zoning in effect when the lease was signed (see, New York Overnight Partners v. Gordon, 217 A.D.2d 20, 633 N.Y.S.2d 288). Nor is there any reason to construe the lease direction to disregard restrictions and encumbrances in establishing value as a direction to disregard zoning per se. The word "restrictions" is a reference not to zoning ordinances, which encumber the use of land, but to provisions in deeds and other private instruments that encumber the sale of land (see, 1 Friedman, Contracts and Conveyances of Real Property at 519 [5th ed.]; Voorheesville Rod & Gun Club v. E.W....
To continue reading
Request your trial
-
Bell v. White
...403 [1997], lv. denied 92 N.Y.2d 801, 677 N.Y.S.2d 71, 699 N.E.2d 431 [1998]; 201-203 Lexington Ave. Corp. v. 205/215 Lexington Ltd. Partnership, 224 A.D.2d 183, 184, 637 N.Y.S.2d 125 [1996], lv. denied 88 N.Y.2d 813, 649 N.Y.S.2d 380, 672 N.E.2d 606 [1996] ). Here, there is nothing in the ......
-
936 Second Ave. v. Second Corporate Dev.
...in their agreement. Indeed, courts have routinely enforced such provisions (see e.g. 201-203 Lexington Ave. Corp. v. 205/215 Lexington Ltd. Partnership, 224 A.D.2d 183, 637 N.Y.S.2d 125 [1st Dept.1996], lv. denied 88 N.Y.2d 813, 649 N.Y.S.2d 380, 672 N.E.2d 606 [1996]; Ruth v. S.Z.B. Corp.,......
-
Vitale v. Friedman
...88 A.D.2d 513, 450 N.Y.S.2d 7, affd. 58 N.Y.2d 923, 460 N.Y.S.2d 510, 447 N.E.2d 58; 201-03 Lexington Ave. Corp. v. 205/215 Lexington Ltd. Partnership, 224 A.D.2d 183, 637 N.Y.S.2d 125, lv. denied 88 N.Y.2d 813, 649 N.Y.S.2d 380, 672 N.E.2d 606). There is also no merit to defendants' conten......
-
201-203 Lexington Ave. Corp. v. 205/215 Lexington Ltd. Partnership
...649 N.Y.S.2d 380 ... 88 N.Y.2d 813, 672 N.E.2d 606 ... 201-203 Lexington Avenue Corp ... 205/215 Lexington Limited Partnership ... Court of Appeals of New York ... Sept 19, 1996 ... 224 A.D.2d 183, 637 N.Y.S.2d ... ...