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MATTER OF RITE AID OF NEW YORK v. ASSESSOR OF TOWN OF COLONIE

58 A.D.3d 963 (2009)

870 N.Y.S.2d 642

In the Matter of RITE AID OF NEW YORK No. 4928, Appellant, v. ASSESSOR OF THE TOWN OF COLONIE et al., Respondents. (And Two Other Related Proceedings.)

Appellate Division of the Supreme Court of New York, Third Department.

January 15, 2009.

Malone Jr., J.

Petitioner is the lessee under a 20-year triple net lease of real property located at 1868 Central Avenue in the Town of Colonie, Albany County, which is improved by an 11,180-square-foot single-tenant retail pharmacy. The pharmacy was constructed in 1998 and 1999 under a build-to-suit arrangement with petitioner. Under the terms of the lease, petitioner is responsible for, among other things, the payment of real property taxes. In 2004, 2005 and 2006...

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