EAST FORDHAM DE LLC v. U.S. BANK N.A.

11434.

182 A.D.3d 521 (2020)

120 N.Y.S.3d 780

2020 NY Slip Op 02547

East Fordham DE LLC, Respondent, v. U.S. Bank National Association et al., Appellants, et al., Defendant.

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

Decided April 30, 2020.


The plain language of the LMA required that the "as-stabilized value of the Property ... shall be established by the average of two MAI [Member of the Appraisal Institute] appraisals." The appraisers for both parties were MAIs, and both parties' experts agreed that the appraisers provided "as stabilized" values in their direct capitalization and comparable sales analyses. Despite the fact that certain portions of the appraisal reports were labeled "as-is" with respect to...

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