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NORTE & CO. v. NEW YORK & HARLEM R.R. CO.

222 A.D.2d 357 (1995)

635 N.Y.S.2d 629

Norte & Co. et al., Appellants, v. New York and Harlem Railroad Co. et al., Respondents

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

December 28, 1995

Plaintiffs are the minority shareholders of defendant New York and Harlem Railroad Co. ("the Harlem"), the owner of certain real property including the Grand Central Terminal. Defendant Penn Central Corporation ("Penn Central") is 97% owner of the Harlem's shares and leases the Grand Central Terminal and The Harlem Line pursuant to a 401 year lease executed in 1873. In 1972, Penn Central subleased this real property to the New York Metropolitan Transportation Authority (the...

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