In 1954 the premises at 148 East 83rd Street in Manhattan consisted of a walk-up tenement, five stories high, containing 10 six-room apartments occupied by statutory tenants paying fixed maximum rents ranging from monthly sums of $57.50 to $72.45. In that year the defendant, Carsen, purchased the premises for $40,000 and placed title in 148 East 83rd Street, Inc. (herein "148 East"). This corporation...
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