Liberty Fabrics, Inc. v. Corporate Properties Associates 5

Judgment, Supreme Court, New York County (Diane Lebedeff, J.), entered March 24, 1995, which granted petitioner’s motion pursuant to CPLR 7601 to confirm the 1994 appraisal of five commercial properties, unanimously affirmed, with costs.

The IAS Court applied the proper standard in determining the motion since CPLR 7601 provides an agreement to submit a valuation question to an independent appraiser may be enforced by a court in the same manner as would an arbitration agreement under CPLR article 75. An appraisal determination should be upheld in the absence of fraud, bias or bad faith (see,…