Realty Agency, Inc. v. Weaver

Petitioner seeks to review a determination of respondent Rent Administrator. Petitioner, the owner of the premises 419 East 57th Street, made an application for a rent increase under the provisions of the act and regulations allowing for a 6% net annual return. In making his calculations, the respondent used the assessed valuation of the property as his base figure. It is petitioner’s contention that he should have used the purchase price paid by petitioner.

The statute (State Rent and Eviction Regulations, § 33, subd. [5]) provides that the valuation to be used is the assessed valuation…