MATTER OF CITY OF NEW YORK, CHESTNUT PROPERTIES CO., 34 N.Y.2d 800 (1974)

359 N.Y.S.2d 40, 316 N.E.2d 328

In the Matter of the CITY OF NEW YORK, Respondent, Relative to Acquiring Title to Real Property Bounded by Avenue L and Other Streets as a Site for School and Recreational Purposes: North Central Brooklyn High School in the Borough of Brooklyn. CHESTNUT PROPERTIES CO., Appellant.

Court of Appeals of the State of New York.Argued May 9, 1974
Decided June 6, 1974

Appeal from the Appellate Division of the Supreme Court in the Second Judicial Department,

Page 801

JAMES S. BROWN, J.

Page 802

Reginald S. Hardy, William R. Brennan, Jr. and Lawrence W. Boes for appellant.

Adrian P. Burke, Corporation Counsel (Morris Einhorn an Stanley Buchsbaum of counsel), for respondent.

Order affirmed, without costs, in the following memorandum: We concur in the conclusions reached at the Appellate Division both that the so-called projected stream-of-income theory of valuation was impermissible in this situation (Matter of City of New York
[Atlantic Improvement Corp.], 28 N.Y.2d 465; Arlen of Nanuet
v. State of New York, 26 N.Y.2d 346; see Levin v. State of New York, 13 N.Y.2d 87), and that such theory played a significant if not a controlling part in the determination of value at Special Term. Having identified the error below, the Appellate Division then proceeded to make its own finding of value. We see no sufficient reason to disturb that determination.

Concur: Chief Judge BREITEL and Judges JASEN, GABRIELLI, JONES, WACHTLER, RABIN and STEVENS.