In re Sipal Realty Corp.

This is a proceeding by the petitioning landlord brought pursuant to subdivisions (a) and (c) of section 2 of the Business Bent Law (L. 1945, ch. 314, as amd. by L. 1952, ch. 417, L. 1957, ch. 452). Subdivision (a) of section 2 of the statute defines “ Business Space ” in include “ on and after March first, nineteen hundred fifty-two, a building in which at least sixty per centum of the total rentable area and sixty per centum of the total number of units formerly used as dwelling space, is lawfully occupied as business space on such date ”. By subdivison (c) of section 2 the emergency rent…