Petitioners are the ground lessors of the land occupied by the building owned by the respondent-appellant cooperative corporation Excelsior 57th Street. Pursuant to the ground lease the annual rent paid by the cooperative corporation during the period August 15, 1990 through August 14, 1998 was to be recalculated based on the then current appraised value of the land. The annual rent was to be the greater of $310,000 or 6% of said appraised value. It was further provided that...
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