2nd Circ. Urged To Reject Award Over $57M Building Appraisal

Law360, New York (July 18, 2012, 5:44 PM EDT) -- Pitcairn Properties Inc. urged the Second Circuit Tuesday to affirm a lower court's rejection of an arbitration award granted to LJL 33rd St. Associates LLC in a dispute over the value of a Manhattan apartment building, based on the arbitrator's omission of information key to the appraisal.

The arbitrator of a buyout dispute between the owners of 35-39 West 33rd St. excluded key evidence when valuing the 34-story midtown building at $56.5 million, missing information that could have led to an assessment of $63 million to...
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