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853 SEVENTH AVENUE OWNERS, LLC v. W & HM REALTY CO., LLC

18 A.D.3d 241 (2005)

794 N.Y.S.2d 373

853 SEVENTH AVENUE OWNERS, LLC, Appellant, v. W & HM REALTY CO., LLC, Respondent.

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

May 10, 2005.

The lease clearly states: "The net annual rent during each renewal term shall be an amount equal to 6% of the appraised value of the land . . . exclusive of any buildings or improvements thereon" (emphasis added). Therefore, the appraisers should not consider the impact of the rent control and rent stabilization laws (see generally New York Overnight Partners v Gordon, 88 N.Y.2d 716 [1996]; Archdiocese of N.Y. v Amedeo...

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