The subject property, an 11-story warehouse at the north-east corner of 11th Avenue and 35th Street, built upon steel columns over railroad yards, excluding land, was offered for sale in 1979 by the bankruptcy trustees of the Penn Central Railroad. Respondent's April 1979 offer of $345,000 plus brokerage fees, which ultimately amounted to $15,000, was accepted in July 1979. In August 1980, title passed to petitioner in condemnation proceedings. The court valued the property...
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