Case ID: ad2d_20/html/0636-01.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, Acting for and on Behalf of the New York City Housing Authority, Relative to Acquiring Title to Real Property Within the Area Bounded by Amsterdam Avenue and Other Streets, in the Borough of Manhattan, Duly Selected as a Site for a State-Aided Public Housing Project Known as Stephen Wise Houses. Moses Bukantz et al., Appellants.
   Final decree, insofar as it makes an award for Damage Parcel 24, unanimously reversed, on the law, on the facts and in the exercise of discretion, and a new trial ordered, with costs to elaimants-appellants. There is a failure of proof on the part of petitioner. Petitioner’s expert appraised the premises as a rooming house on a net lease basis. This was error since the building is an apartment house. Consequently, the capitalization of 12% based on the appraisal of the premises as a rooming house is not useful. We are not entitled to substitute capitalization rates not found in the evidence. (Matter of City of New York [A. & W. Realty Corp.], 1 N Y 2d 428.) Since that is the only testimony on behalf of the petitioner concerning capitalization, the interests of justice require a new trial. Concur — Breitel, J. P., Rabin, McNally, Stevens and Steuer, JJ.