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Landlord & Tenant
Lease Did Not Require Licensed Appraiser
Matter of Johnson Kirchner Holdings, LLC v. Galvano
NYLJ 5/19/17, p. 29, col. 1
AppDiv, Second Dept.
(memorandum opinion)
In landlord's action to enforce a commercial lease provision regarding appraisal of real property, tenant appealed from Supreme Court's confirmation of the appraised value of the property. The Appellate Division affirmed, holding that the lease did not require appraisal by a licensed appraiser.
The commercial lease between the parties gave tenant an option to renew, with the rent upon renewal to be based on the appraised value of the property. In accordance with the terms of the lease, Supreme Court appointed a local real estate broker to appraise the property. The broker assigned a value between $1,699,000 and $1,812,000. Landlord accepted the lower value and moved to confirm the appraisal. Tenant opposed confirmation and argued that broker had overvalued the property. Supreme Court confirmed the appraisal, and tenant appealed.
In affirming, the Appellate Division rejected tenant's argument that Supreme Court rewrote the lease by appointing a broker rather than a licensed appraiser. The court noted that the lease expressly authorized appointment of a real estate broker, and emphasized that tenant should not now be heard to complain when tenant failed to challenge the broker's credentials until after the appraisal was completed. Finally, the court held that an appraisal should not be set aside absent proof of fraud, bias, or bad faith, none of which was present in this case.
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