Metropolitan Life Insurance v. Tax Commission

'Final order, entered on July 2, 1962, reducing assessments for the tax years 1955-56 to 1961-62, inclusive, unanimously reversed on the facts and the law, and assessments confirmed with $30 costs and disbursements to respondent-*871appellant-respondent. The property under review is the Fifth Avenue Building, located on Fifth Avenue between 44th and 45th Streets. The petitioner paid $6,300,000 for the land in December, 1954. It cannot be disputed that petitioner is a knowledgeable buyer. This purchase price exceeds the assessment in all years, and there is no testimony of any decline in values in…