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MADISON MURRAY ASSOCS. v. PERLBINDER

215 A.D.2d 204 (1995)

626 N.Y.S.2d 180

Madison Murray Associates, Respondent, v. Barton M. Perlbinder et al., Appellants

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

May 11, 1995

While we do not subscribe in every respect to the IAS Court's construction of the lease, particularly its determination that statutory tenancies are not encumbrances as a matter of law, we agree with its conclusion that to interpret the appraisal provision as not requiring consideration of statutory tenancies would result in an inflated valuation making the annual renewal rental nearly three times the net lessee's income from the...

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