269 A.D. 695 | N.Y. App. Div. | 1945
Judgment declaring unconstitutional the building zone ordinance of the Village of Floral Park as applied to plaintiffs’ land, reversed on the law and the facts, with costs, complaint dismissed on the law, and judgment declaring that the ordinance is valid is directed in favor of the Village on its counterclaim, with costs. In our opinion, in the light of the physical facts and the undisputed facts as to income, the evidence shows that plaintiffs are not being deprived of any substantial beneficial or profitable use of their land. Not considering the $1,500 income formerly received from the parcel leased as a gas station, plaintiffs now derive from their property an income of $1,560 per annum. Their only expense appears to be taxes of $750 per annum. This income may be considerably increased if the old buildings are improved. The present net income, capitalized at 5%, reflects a valuation of approximately $16,000. Plaintiffs have failed to overcome the presump