NYC Building's $15.5M Appraisal Survives Owners' Challenge

Law360, New York (September 26, 2012, 6:12 PM EDT) -- A New York state judge on Tuesday denied a bid by the owners of a Manhattan apartment building to wipe a $15.5 million valuation they contended was lowballed because of a conflict of interest, saying the owners knew about the purported conflict months before the June appraisal.

The ruling closes a legal battle over the alleged bias of a third-party arbitrator hired by the families who collectively own the 13-story apartment building at 820 Broadway and a lessee locked in an appraisal dispute. The owners contended...
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