Opinion
8350N Index 451648/17
02-07-2019
The CITY OF NEW YORK, Plaintiff–Appellant, v. FC 42ND STREET ASSOCIATES, L.P., Defendant–Respondent.
Carter Ledyard & Milburn LLP, New York (John R. Casolaro of counsel), for appellant. Fried, Frank, Harris, Shriver & Jacobson LLP, New York (Janice Mac Avoy and Danica L. Brown of counsel), for respondent.
Carter Ledyard & Milburn LLP, New York (John R. Casolaro of counsel), for appellant.
Fried, Frank, Harris, Shriver & Jacobson LLP, New York (Janice Mac Avoy and Danica L. Brown of counsel), for respondent.
Acosta, P.J., Gische, Kapnick, Gesmer, Singh, JJ.
Article 3.01(c) of the parties' Ground Lease unambiguously provides for arbitration of the instant dispute concerning the Fair Market Value of certain property (see Matter of Excelsior 57th Corp. (Kern), 290 A.D.2d 329, 330, 735 N.Y.S.2d 779 [1st Dept. 2002] ; ITT Sheraton Corp. v. 801 Seventh Ave., 184 A.D.2d 329, 329, 586 N.Y.S.2d 889 [1st Dept. 1992] ). The arbitrators are qualified professionals competent in the area of land valuation, and the court should not interfere with the broad authority granted them to resolve this dispute ( ITT, 184 A.D.2d at 329, 586 N.Y.S.2d 889 ).
We have considered plaintiff's remaining arguments and find them unavailing.