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NIAGARA FALLS URBAN RENEWAL AGENCY v. ALPS MOTOR INN & REST., INC.

41 N.Y.2d 817 (1977)

Niagara Falls Urban Renewal Agency, Respondent, v. Alps Motor Inn and Restaurant, Inc., Appellant, et al., Defendants.

Court of Appeals of the State of New York.

Decided February 8, 1977.

Attorney(s) appearing for the Case

Harold M. Halpern and A. Russell Leone for appellant.

George M. Donohue, Corporation Counsel (Michael V. Maloney of counsel), for respondent.

Chief Judge BREITEL and Judges JASEN, GABRIELLI, JONES, WACHTLER, FUCHSBERG and COOKE concur in memorandum.

MEMORANDUM.

The order of the Appellate Division is affirmed, with costs. The appraisers for both parties and the courts below utilized the capitalization of income method of valuation by capitalizing the net economic rent attributable to the subject premises (see, generally, 5 Nichols, Eminent Domain, § 19.23); and all agreed upon a 13.6% capitalization figure. However, as the Appellate Division indicated, defendant...

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