Arbitrator Ignored Key Data In $57M Building Appraisal: Judge

Law360, New York (February 16, 2012, 1:35 PM EST) -- A New York federal judge has tossed out an arbitration award he says missed the mark on the value of a Manhattan apartment building, explaining Wednesday that an arbitrator's appraisal of $56.5 million ignored key evidence showing the building was worth millions more.

The New York arbitrator of a buyout dispute between the owners of 35-39 West 33rd St., Jonathan T.K. Cohen, suppressed independent assessments of the property that put the value of the 34-story midtown building anywhere between $63 million and $80 million, according to...
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Case Information

Case Title

LJL 33rd Street Associates, LLC v. Pitcairn Properties Inc.


Case Number

1:11-cv-06399

Court

New York Southern

Nature of Suit

Contract: Other

Judge

Jed S. Rakoff

Date Filed

September 13, 2011

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