Landlord-Tenant—Court Rejects Defense That Repair of Building Would Be Economically Infeasible—Owners’ Valuation Expert Lacked Knowledge of Actual Building Expenses and Used Capitalization Rates That Seemed Arbitrary and Speculative and Failed to Address Whether Anticipated Tenant Turnover Would Lead to Higher Rents
Tenants brought an order to show cause, seeking a temporary restraining order and a preliminary injunction against the owners of their eight-unit building. The tenants sought an order requiring that the owners “make…repairs required by the [NYC Department of Buildings] and eliminate hazardous conditions that led to the issuance of a Peremptory Vacate Order (‘vacate order’) against the subject property.” They also sought an order directing that the tenants “be restored to their…apartments after the vacate order has been removed.” The owners countered that repair of the building “would be economically infeasible.”
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