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

Law360, New York (April 11, 2013, 7:24 PM EDT) -- A New York appeals court on Thursday denied a request to wipe an allegedly lowballed $15.5 million apartment building appraisal, saying the property owners should have made greater efforts to explore a conflict of interest with a lessee.

Affirming a lower court ruling, the appeals court said that the owners of the 13-story apartment building at 820 Broadway were given an opportunity to inquire about ties linking arbitrator Robert Knakal to a lessee company, according to an order. The building’s owners contend the relationship led to...
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