Matter of City of New York

Order affirmed, without costs, in the following memorandum: We concur in the conclusions reached at the Appellate Division both that the so-called projected stream-of-income theory of valuation was impermissible in this situation (Matter of City of New York [Atlantic Improvement Corp.], 28 N Y 2d 465; Arlen of Nanuet v. State of New York, 26 N Y 2d 346; see Levin v. State of New York, 13 N Y 2d 87), and that such theory played a significant if not a controlling part in the determination of value at Special Term. Having identified the error below, the Appellate Division then proceeded to make…