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MATTER OF REALTY AGENCY v. WEAVER

7 N.Y.2d 249 (1959)

In the Matter of Realty Agency, Inc., Appellant, v. Robert C. Weaver, as State Rent Administrator, Respondent, and Tenants of Premises 419 East 57th Street, New York, N. Y., Intervenors-Respondents.

Court of Appeals of the State of New York.

Decided December 30, 1959.

Attorney(s) appearing for the Case

Robert S. Fougner for appellant.

Jacob B. Ward and Harold Zucker for respondent.

Irving Perl for intervenors-respondents.

Chief Judge CONWAY and Judges FULD, VAN VOORHIS and BURKE concur with Judge FROESSEL; Judge DESMOND dissents in an opinion in which Judge DYE concurs.

FROESSEL, J.

The issue presented on this appeal is whether the State Rent Administrator properly rejected sales price as a valuation base in a rent adjustment proceeding instituted by petitioner, as authorized by section 4 (subd. 4, par. [a]) of the State Residential Rent Law (L. 1946, ch. 274, as amd. by L. 1957, ch. 755).1

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