Bush Terminal Co. v. City of New York

Lehman, Ch. J.

The Port of New York Authority, hereinafter referred to as the Port Authority, acquired title to an entire square block of land in the borough of Manhattan, city of New York. The land had previously been divided into many parcels and, with the old buildings on it, had been subject to the general tax on real property. The Port Authority entered into a written contract with eight trunk line railroads entering the Port of New York district whereby it agreed to erect an “ Inland Terminal Building ” upon the land it had acquired and to lease to the railroads, for a term of five…