Shafer Building Corp. v. State

Appellate Division of the Supreme Court of New York

Shafer Building Corp. v. State

29 A.D.2d 832, 287 N.Y.S.2d 130, 1968 N.Y. App. Div. LEXIS 4566

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

DecidedFebruary 22, 1968

DocketClaim No. 45296

StatusPublished

This text of 29 A.D.2d 832 (Shafer Building Corp. v. State) 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

Shafer Building Corp. v. State, 29 A.D.2d 832, 287 N.Y.S.2d 130, 1968 N.Y. App. Div. LEXIS 4566 (N.Y. Ct. App. 1968).

Pincite

Opinion

—Judgment unanimously modified on the law and facts to the extent of reducing the amount thereof to the sum of $117,597.55 and, as modified, affirmed without costs. Memorandum: In 1965 the State appropriated land and building owned by claimant. The parties upon this appeal do not question the land value fixed by the trial court in the sum of $55,000. Both parties are dissatisfied with the finding of the court that the value of the improvement was $70,000 which produced a total value of $125,000. It is difficult to review this finding because the Trial Judge simply fixed the amount without elaboration or explanation in the face of proof that such value might be $17,000 (the State’s claim) or $113,600 as opined by claimant’s expert. We find the value of the improvement to have been $62,150 by the method of capitalization of income from the property. We accept the gross annual rental of $18,000 from which are deducted annual expenses of $7,240 (as estimated by the /State’s expert). We impute to the land income of $3,300 (using a figure of 6%) which leaves remaining annual income of $7,460 which is capitalized at 12% (the figure used by the State’s expert) to produce a rounded figure of $62,150. All of this results in a total value of land and building of $117,150. The adjustments thereto stipulated by the parties (subtraction of $2,000 and addition of $2,447.55) produce the figure of $117,597.55. (Appeal and cross appeal from judgment of Court of Claims. in action for damages for permanent appropriation.) Present•— Bastow, J. P., Goldman, Marsh, Witmer and Henry, JJ.

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—Judgment unanimously modified on the law and facts to the extent of reducing the amount thereof to the sum of $117,597.55 and, as modified, affirmed without costs. Memorandum: In 1965 the State appropriated land and building owned by claimant. The parties upon this appeal do not question the land value fixed by the trial court in the sum of $55,000. Both parties are dissatisfied with the finding of the court that the value of the improvement was $70,000 which produced a total value of $125,000. It is difficult to review this finding because the Trial Judge simply fixed the amount without elaboration or explanation in the face of proof that such value might be $17,000 (the State’s claim) or $113,600 as opined by claimant’s expert. We find the value of the improvement to have been $62,150 by the method of capitalization of income from the property. We accept the gross annual rental of $18,000 from which are deducted annual expenses of $7,240 (as estimated by the /State’s expert). We impute to the land income of $3,300 (using a figure of 6%) which leaves remaining annual income of $7,460 which is capitalized at 12% (the figure used by the State’s expert) to produce a rounded figure of $62,150. All of this results in a total value of land and building of $117,150. The adjustments thereto stipulated by the parties (subtraction of $2,000 and addition of $2,447.55) produce the figure of $117,597.55. (Appeal and cross appeal from judgment of Court of Claims. in action for damages for permanent appropriation.) Present•— Bastow, J. P., Goldman, Marsh, Witmer and Henry, JJ.

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Bluebook (online)

29 A.D.2d 832, 287 N.Y.S.2d 130, 1968 N.Y. App. Div. LEXIS 4566, Counsel Stack Legal Research, https://law.counselstack.com/opinion/shafer-building-corp-v-state-nyappdiv-1968.