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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.