Principe v. Herman

In this article 78 proceeding, petitioner seeks to annul a determination of the State Rent Administrator denying petitioner’s protest with respect to a rent increase granted the landlord under the 6% annual return formula (State Rent and Eviction Regulations, § 33).

The building involved, 790 Riverside Drive in the Borough of Manhattan, is a 12-story apartment house containing 202 dwelling units. The landlord purchased it on November 4, 1959 for $1,440,000, with $260,000 cash and the balance by taking title subject to a first mortgage of $565,584.67 and a second mortgage of $614,415.33.

In…