Blackstar Publishing Co. v. 460 Park Associates

OPINION OF THE COURT

David B. Saxe, J.

This controversy over tax escalation charges mirrors the movement of large advertising agencies and their offshoots from midtown Manhattan, on or near Madison Avenue, south*415ward to lower Fifth Avenue and Park Avenue South, as a consequence of soaring commercial rents in the midtown area.

The essential facts are these: the plaintiff, Blackstar Publishing Company, Inc. (Blackstar), is a tenant at 450-460 Park Avenue South in Manhattan, as a result of a lease entered into in May 1981. Blackstar leased the entire fourth floor at 450 Park Avenue South and certain…