City of Niagara Falls v. Zak

Appellate Division of the Supreme Court of New York

City of Niagara Falls v. Zak

40 A.D.2d 755, 337 N.Y.S.2d 548, 1972 N.Y. App. Div. LEXIS 3646

CourtAppellate Division of the Supreme Court of the State of New York

DecidedOctober 26, 1972

StatusPublished

Cited by1 cases

This text of 40 A.D.2d 755 (City of Niagara Falls v. Zak) is published on Counsel Stack Legal Research, covering Appellate Division of the Supreme Court of the State of New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

City of Niagara Falls v. Zak, 40 A.D.2d 755, 337 N.Y.S.2d 548, 1972 N.Y. App. Div. LEXIS 3646 (N.Y. Ct. App. 1972).

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Opinion

Judgment and order unanimously affirmed, with costs. Memorandum: Since the property taken was income producing, the economic approach was the best method of determining value. (City of Buffalo v. Migliore, 34 A D 2d 334.) The record amply supports the award when this method is employed. We adopt $4,800 as the value of the land, the figure placed upon it by the city’s appraiser, and find the economic rent to be $9,600, as testified to by defendants’ appraiser. We have accepted the city’s appraiser’s figure on expenses except that we have not allowed for vacancies since the subject property has never been vacant (Wolnstein v. State of New York, 33 A D 2d 990), and have reduced the figure for insurance from $300 to $272, the actual amount of the premium. Deducting these expenses of $3,140, we arrive at a net rental [756]*756of $6,460. Imputing $380 of the rental to land leaves a net income of $6,076, which capitalized at 11%, produces a value of $55,236.36 for the improvements, Adding the land value to the improvements, we arrive at $60,036.36, rounded to $60,000, the value found by the trial court. (Appeal from judgment and order of Niagara Special Term in condemnation action.) Present — Goldmap, P. J., Del Vecchio, Moule, Cardamone and Henry, JJ.

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Judgment and order unanimously affirmed, with costs. Memorandum: Since the property taken was income producing, the economic approach was the best method of determining value. (City of Buffalo v. Migliore, 34 A D 2d 334.) The record amply supports the award when this method is employed. We adopt $4,800 as the value of the land, the figure placed upon it by the city’s appraiser, and find the economic rent to be $9,600, as testified to by defendants’ appraiser. We have accepted the city’s appraiser’s figure on expenses except that we have not allowed for vacancies since the subject property has never been vacant (Wolnstein v. State of New York, 33 A D 2d 990), and have reduced the figure for insurance from $300 to $272, the actual amount of the premium. Deducting these expenses of $3,140, we arrive at a net rental [756]*756of $6,460. Imputing $380 of the rental to land leaves a net income of $6,076, which capitalized at 11%, produces a value of $55,236.36 for the improvements, Adding the land value to the improvements, we arrive at $60,036.36, rounded to $60,000, the value found by the trial court. (Appeal from judgment and order of Niagara Special Term in condemnation action.) Present — Goldmap, P. J., Del Vecchio, Moule, Cardamone and Henry, JJ.

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Bluebook (online)

40 A.D.2d 755, 337 N.Y.S.2d 548, 1972 N.Y. App. Div. LEXIS 3646, Counsel Stack Legal Research, https://law.counselstack.com/opinion/city-of-niagara-falls-v-zak-nyappdiv-1972.

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