Credit Exchange, Inc. v. 461 Eighth Avenue Associates

OPINION OF THE COURT

Lynch, J.

The plaintiff was the lessee of the twentieth floor of 5 Penn Plaza under a series of leases commencing in 1955. Its latest lease was executed on August 27, 1979 with the defendant’s predecessor in title, to expire on December 2, 1985. The rent included a proportional payment of real property tax increases as follows: were the taxes on the land and building to be increased beyond $203,342.50 annually, the plaintiff was to pay 4Vz% of the increase to the defendant in equal quarterly installments "on or before the first day of the respective months in which real…