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MATTER OF WIND v. FIRST ROCKAWAY COAST CORP.

190 A.D.2d 811 (1993)

In the Matter of Walter Wind, Respondent, v. First Rockaway Coast Corporation et al., Appellants

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

February 16, 1993

Ordered that the judgment is affirmed, with costs.

The principal asset of the corporation was a 43-unit apartment building in Rockaway Park, in Queens County. At a hearing to determine the fair market value of the property, experts for both parties used the income capitalization method of appraisal. The Supreme Court rejected the appellants' appraisal of $680,000, and accepted the petitioner's amended appraisal of $1,182,000. The court reasoned that while appellants...

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