Legal Opinion
Niagara Falls Urban Renewal Agency v. Gorge Terminal Realty Co.
Appellate Division of the Supreme Court of the State of New York
Decided February 28, 1983PublishedCited by 2 opinions
1Opinion of the Court
— Judgment unanimously reversed, on the law and facts, without costs, and a new trial granted. Memorandum: In this condemnation proceeding, the court fixed the market value of a motel and restaurant complex, less fixtures, at $1,700,000. The court correctly rejected the income approach to value offered by the owner’s appraiser since he capitalized, not the fair rental value of the property, but the gross profits of the business (see Humbert v State of New York, 278 App Div 1041, affd 303 NY 929). The court computed the market value of the property by averaging the results of the owner’s…
2Cases cited11 opinions
- Great Atlantic & Pacific Tea Co. v. KiernanNew York Court of Appeals · 1977
- In re HuieNew York Court of Appeals · 1956
- Humbert v. StateAppellate Division of the Supreme Court of the State of New York · 1951
- City of Rochester v. S. C. Toth, Inc.Appellate Division of the Supreme Court of the State of New York · 1977
- Humbert v. StateNew York Court of Appeals · 1952
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3Cited by2 opinions
- Pickerell v. Town of HuntingtonAppellate Division of the Supreme Court of the State of New York · 2000
- Consolidated Edison Co. v. City of New YorkAppellate Division of the Supreme Court of the State of New York · 2006