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IN RE VANDERVEER ESTATES HOLDING, LLC

No. 01-20348-608.

293 B.R. 560 (2003)

In re VANDERVEER ESTATES HOLDING, LLC, Debtor.

United States Bankruptcy Court, E.D. New York.

May 8, 2003.

Attorney(s) appearing for the Case

Abraham J. Backenroth, Backenroth, Frankel & Krinsky, LLP, New York City, for Debtor.

Andrew C. Gold, Herrick, Feinstein LLP, New York City, for VE Apartments LLC.

DECISION ON VALUATION

CARLA E. CRAIG, Bankruptcy Judge.

The matter before this Court is the determination of the value of the property known as Vanderveer Estates ("Vanderveer" or the "Property"), a multi-family low-income housing project which is the principal asset of Vanderveer Estates Holding LLC (the "Debtor"). Vanderveer consists of 59 contiguous apartment buildings containing 2,496 apartment units located in the East Flatbush section of Brooklyn....

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