309 FIFTH OWNERS LLC v. MEPT 309 FIFTH AVENUE LLC

652383/15. 5309. 5308.

156 A.D.3d 583 (2017)

65 N.Y.S.3d 694

2017 NY Slip Op 09267

309 FIFTH OWNERS LLC, Appellant, v. MEPT 309 FIFTH AVENUE LLC, Respondent.

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

Decided December 28, 2017.


The parties' contract provides that a certain payment from defendant to plaintiff shall be computed based on "Appraised Value," which means "[t]he gross appraised value of the Property as determined by the most recent appraisal prepared on behalf of Purchaser [i.e., defendant] in the ordinary course of Purchaser's business and accepted by Purchaser as final for purposes of Purchaser's portfolio valuation." The materials submitted by defendant did not "resolve[] all factual...

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