The People of the State of New York Ex Rel. Hotel Paramount Corp., Appellant, Against Harry B. Chambers…

Summary

The New York Court of Appeals reversed the Appellate Division's increase of the assessed valuation of a Times Square hotel, affirming the Special Term's lower valuation. The court held that real estate must be assessed based on its own value, separate from the business value reflected in stock sales, and that a capital‑stock sale cannot evidence a real‑estate value exceeding replacement cost.