Robert Herman, Inc. v. Weaver

The petitioner, the owner of the premises No. 922 Third Avenue, New York, N. Y., has instituted this proceeding under article 78 of the Civil Practice Act, to annul a determination of the Rent Commission, denying its application for a rent increase. The petitioner acquired the property in October, 1956 for $125,536.50, and sought an increase of the apartment rents on the ground that the rental income from the property yielded a net annual return of less than 6% of its valuation.

The issue here is solely that of the proper valuation of the property. The petitioner insists that under section 4…