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

Summary

The Court of Appeals affirmed the Appellate Division's reduction of the land value to $11,500,000, holding that the purchase price paid for the half‑interest, being an arm‑length transaction, is evidence of value and must be given controlling significance unless shown to be abnormal. Chief Judge Breitel concurred in the result but expressed doubt about the controlling significance of the gross purchase price.