Central Westchester Tenants Corp. v. Iagallo

OPINION OF THE COURT

Thompson, J.

In these consolidated tax certiorari proceedings, we are called upon to determine, inter alia, whether, in calculating by means of an income capitalization method the fair market value of a parcel of real property owned by a cooperative corporation, it is proper to utilize the actual rentals paid under subleases entered into by the proprietary lessees-shareholders with third parties when such rental amounts exceed the rental rates applicable under the Emergency Tenant Protection Act of 1974 (hereinafter ETPA) (see, McKinney’s Uncons Laws of NY § 8621 et seq.; L…