Canron Corp. v. City of New York

Sullivan, J. (dissenting).

On September 8, 1978, the City leased to Northeast Marine Terminal Co., Inc. (Northeast), a marine terminal it owned in Brooklyn together with various equipment and structures at the terminal, including two cranes, one 70, the other 50 tons, used to load and unload cargo, for 40 years at a rental which, based on a stated sum plus an additional amount dependent upon the volume of cargo processed, ranged from $800,000 the first year to approximately $2.6 million for years 11 through 40.

A lease provision required Northeast to maintain casualty *124insurance covering the…