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When property is valued for the purpose of setting rent under a renewed lease, the effects of the lease itself must be considered.

Publication: Appraisal Journal
Publication Date: 22-SEP-08
Format: Online
Delivery: Immediate Online Access
Full Article Title: When property is valued for the purpose of setting rent under a renewed lease, the effects of the lease itself must be considered.(Recent Court Decisions)

Article Excerpt
The Court of Appeals of New York ruled that the effects of a long-term lease must be taken into account when the property is appraised for purposes of setting the rental rate for the renewal term.

The Horace Wilson Marital Trust (Lessor) owns three adjoining buildings in Manhattan containing 22 rent-controlled apartments and four retail stores, which it leased to 936 Second Avenue LP...

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