NYC Building Owners Claim Conflict In $15.5M Appraisal

Law360, New York (August 16, 2012, 2:40 PM EDT) -- The owners of a 13-story apartment building in New York City filed suit in state court Monday to block an arbitration panel’s $15.5 million appraisal in June, claiming one of the arbitrators chose a low valuation because of a conflict of interest that violated his retainer agreement.

A group of families that collectively own 820 Broadway sued to vacate the appraisal of the building, located a few blocks from Union Square in Manhattan. An appraiser hired by the families, Bradley Mendelson, valued the building at $55...
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