Mercedes Realty Corp. v. Weaver

William C. Hecht, Jr., J.

Petitioner, owner of premises at 1160 Park Avenue, purchased for $1,035,000 on April 30, 1952, applied for a rent increase. Prior increases of the maximum rent had been granted to the previous owner in 1951, and to petitioner in May, 1955. The valuation figure employed by the Administrator in connection with the May increase was $1,035,-000, the price paid for the property. The subsequent application was likewise determined on the basis of the valuation of $1,035,000.

Petitioner contends that the Administrator had no discretion to disregard the higher assessed value of…