853 Seventh Avenue Owners, LLC v. W & HM Realty Co.

*242Order, Supreme Court, New York County (Richard F. Braun, J.), entered May 11, 2004, which, to the extent appealed from, granted summary judgment to defendant on the third cause of action and declared that the impact of rent stabilization and rent control laws shall not be considered in appraising land defendant leased to plaintiff, unanimously affirmed, with costs.

The lease clearly states: “The net annual rent during each renewal term shall be an amount equal to 6% of the appraised value of the land . . . exclusive of any buildings or improvements thereon” (emphasis added). Therefore, the…