201-203 LEXINGTON AVE. CORP. v. 205/215 LEXINGTON LTD. P'SHIP


224 A.D.2d 183 (1996)

637 N.Y.S.2d 125

201-203 Lexington Avenue Corp., Appellant, v. 205/215 Lexington Limited Partnership, Respondent In the Matter of 201-203 Lexington Avenue Corp., Appellant, v. Peter S. Brooks et al., Respondents

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

February 1, 1996


A reasonable reading of the lease supports the methodology employed by the appraisers to determine the renewal term of rent. The lease provides for a renewal rent "equal to 6% of the fair market value * * * of the Demised Premises considered as vacant and unimproved, unencumbered by this lease, as of the date of the commencement of the relevant renewal term", and "sold at that time at private sale in fee simple, free from all encumbrances...

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