Gale Realty Corp. v. Bowles

MARIS, Chief Judge.

The complainant is the owner of two four-story brick apartment houses in Hackensack, New Jersey, each having 38 residential apartments. The properties were acquired by the complainant from the Citizens Trust Company, trustee for bondholders, on April 28, 1942. When acquired they were in a rather dilapidated condition. The total gross monthly rental for the 76 apartments on March 1, 1942 was $3,123.

Following acquisition and in accordance with an understanding with the New Jersey Realty Company from which a mortgage loan had been secured the complainant proceeded to make…