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MATTER OF EDWARDS v. HERMAN

17 A.D.2d 185 (1962)

In the Matter of Irene Edwards, on Her Own Behalf and on Behalf of Various Tenants of Premises 1060 Park Avenue, Borough of Manhattan, City of New York, Similarly Situated, Respondent, v. Robert E. Herman, as State Rent Administrator, Respondent, and 1060 Park Avenue Corp., Intervenor-Appellant

Appellate Division of the Supreme Court of the State of New York, First Department.

November 8, 1962.

Attorney(s) appearing for the Case

Robert S. Fougner of counsel (McLaughlin & Fougner, attorneys), for intervenor-appellant.

Leonard Stern for Irene Edwards, respondent.

Robert Sugerman of counsel (Harold Zucker, attorney), for State Rent Administrator, respondent.

RABIN, J. P., McNALLY, EAGER and BERGAN, JJ., concur.

STEVENS, J.

On or about January 15, 1961, 1060 Park Avenue Corp. (herein landlord), purchased premises No. 1060 Park Avenue at a price of $2,050,000. On February 15, 1961, landlord sought an increase in rents on the ground that the net annual return was less than 6% of its valuation as reflected by the purchase price, which price landlord requested be considered the basis for eligibility.

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