In re Pan American Magazine Building, Inc.

By decision announced March 29, 1951, I fixed respondent’s rent at $20,412.50, an increase of 15% above the $17,750 at which it was fixed in 1945. Petitioner asks that the increase be made effective retroactively to August 11, 1950, the date of the commencement of the proceeding. Its counsel contends that such retroactive effect is required by the provision of the statute that the rent to be fixed shall be a reasonable rent based on the fair rental value of the tenant’s commercial space “ as of the date the application to the supreme court or submission to arbitration is made ” (L. 1949, ch.…