Supreme Court improperly concluded that the neutral appraiser's valuation of the entire building, and not just the residential portion, in determining the building's fair market value rendered the decision "wholly irrational." Schedule B of the lease at issue specifically provides that the adjustment to the rent for the leased premises would be calculated by 36% of the fair market value index (FMV Index) (as defined by the lease), multiplied by the Mortgage Index Percentage...
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