In re the Port of New York Authority

These are cross appeals from a final decree entered in a condemnation proceeding instituted by the Port of New York Authority to acquire property for the improvement of the approaches to the Lincoln Tunnel. The appeals concern the awards for Damage Parcels 3, 4, 12, 13 and 48.

The trial court determined the value of certain of the damage parcels under review by capitalizing the net income on the basis of a 6% return on the land and an 8% return on the building. In ascertaining the net rents, the court deducted, as an expense, real estate taxes based on the assessed valuation in effect at the…