Case ID: ad_285/html/1186-01.html
Source: Caselaw Access Project
Author: {"author": "", "license": "Public Domain", "url": "https://static.case.law/"}
Date Created: 2024-08-24T03:29:51.129683

In the Matter of the City of New York, Respondent, Relative to Acquiring Title to Real Property Required for the Opening and Extending of Midtown Highway, in the Borough of Queens. Public Mortgage and Real Estate Co. Inc., Appellant.
   Appeal from so much of a sixth separate and partial final decree in condemnation proceedings, as awards $23,000 for appellant’s property, Damage Parcel No. 210. Decree, insofar as appealed from, affirmed, with costs. No opinion. Wenzel, Acting P. J., Mac Crate and Murphy, JJ., concur; Schmidt and Beldock, JJ., dissent and vote to modify the decree so as to increase the award to $27,000, with the following memorandum: In our opinion, the award was inadequate. At the time of the vesting of title, the damage parcel was subject to a lease which had about seven years to run. The rent required to be paid by the tenant under the lease averaged about $2,350 a year net. The evidence justifies a finding (in accordance with the testimony of one of the city’s experts) that the fair rental value of the parcel is $1,200 a year and, capitalized at 6%, the value of the parcel is $20,000. The evidence justifies a further finding that the value of the expectancy of receiving the extra $1,150 a year in rent for the unexpired seven years of the lease is at least $5,000, and that the gas tanks are worth an additional $2,000.