United Equities, Inc. v. Mardordic Realty Co.
| Decision Date | 21 January 1960 |
| Parties | , 165 N.E.2d 426 UNITED EQUITIES, INC., Appellant, v. MARDORDIC REALTY CO., Inc., Respondent. |
| Court | New York Court of Appeals Court of Appeals |
Appeal from Supreme Court, Appellate Division, First Department, 8 A.D.2d 398, 187 N.Y.S.2d 714.
Tenant brought action against landlord for declaratory judgment construing lease and modification thereof. The Supreme Court, Special Term, New York County, Irving H. Saypol, J., 16 Misc.2d 996, 182 N.Y.S.2d 901, entered an order on January 21, 1959 granting tenant's motion for summary judgment and denying landlord's cross-motion for summary judgment, and entered judgment thereon on February 3, 1959, and the landlord appealed.
The Appellate Division, McNally, J., 8 A.D.2d 398, 187 N.Y.S.2d 714, modified and affirmed the order and judgment and held that where original lease provided that demised premises should be used for operation of garage, or for any other ordinary business, and modification of lease gave tenant two renewal options of 21 years and provided that rent for first renewal term should be a sum equal to six percent of fair market value of land as determined by appraisal, appraisal of fair market value of land should be made on basis of best use to which land could be put and should not be limited to improvement as a garage, and that consideration should be given to term and renewal options affecting the land. Breitel and Frank, JJ., dissented.
The tenant appealed to the Court of Appeals.
Proskauer, Rose, Goetz & Mendelsohn, New York City (Harold H. Levin and Larry M. Lavinsky, New York City, of counsel), for plaintiff-respondent-appellant.
Cox, Treanor & Shaughnessy, New York City (Joseph R. Shaughnessy, Joseph M. Callahan and Lawrence S. Pratt, New York City, of counsel), for defendant-respondent.
Judgment affirmed, with costs.
All concur.
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