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CITY OF NEWARK v. CENTRAL & LAFAYETTE REALTY CO., INC.

150 N.J. Super. 18 (1977)

374 A.2d 504

CITY OF NEWARK, A MUNICIPAL CORPORATION, PLAINTIFF-RESPONDENT, v. CENTRAL AND LAFAYETTE REALTY COMPANY, INC., DEFENDANT-APPELLANT, AND ROYAL GLOBE INSURANCE COMPANIES, DEFENDANT.

Superior Court of New Jersey, Appellate Division.

Decided May 6, 1977.

Attorney(s) appearing for the Case

Mr. Jay R. Benenson argued the cause for appellant (Messrs. Benenson and McLaughlin, attorneys; Mr. Kenneth Wanio on the brief).

Mr. Leo D. Schwarz, Assistant Corporation Counsel, argued the cause for respondent (Mr. Milton A. Buck, Corporation Counsel, City of Newark, attorney).

Before Judges LORA, CRANE and MICHELS.

The opinion of the court was delivered by LORA, P.J.A.D.

Defendant-appellant Central and Lafayette Realty Company, Inc. (Central) owned an office building in Newark which was gutted by a fire. The improvements on the land were insured by the defendant Royal Globe Insurance Companies for $480,000. Central's insurance claim was settled for $400,600.

Newark had assessed the property in question for $251,900, which represented $176,900 for the land and $75,000...

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