Plaza Hotel Associates, Respondents v. Wellington Associates, Inc., Appellant

Summary

The Court of Appeals affirmed the Appellate Division's order reducing the land valuation to $11,500,000, holding that the purchase price of the option is evidence of value of highest rank but not controlling, and that the lower court's valuation was proper. Chief Judge Breitel concurred in the result, noting the unequal interests in the land and expressing doubt about the controlling significance of the option price.