127 N.Y.S. 586 | N.Y. App. Div. | 1911
On the 21st day of February, 1910, the Windsor Trust Company, which on the 31st day of July, 1908, had been appointed trustee to execute the unexecuted trusts under the will of Jacob Weeks Corn-well, deceased, presented a petition to the Special Term for leave to mortgage the trust property, which consists of four parcels of real estate, being Mos. 313-315 Boweiy and 5 and 7 Extra place in the borough of Manhattan, New York, for the sum of $14,000, to make improvements thereon necessitated by notice of violations of the Tenement House Law duly givey by the' tenement house department. The matter was referred to a referee to take proof of the facts and to report to the court, with his opinion. There is an old tenement house on each parcel of land,-the ground floor of which is used as a store, and'the upper floors are used as separate apartments consisting of from two to three rooms on each floor which rent for about three dollars each per month. The testator by his will directed his executors to collect and receive the income d wring the life of his wife, and to expend such part thereof “ as they may deem necessary to keep the said premises in good order and repair and properly insured against loss or damage by fire, and after also paying out of the rents and income all such other charges and expenses as shall be proper, and all taxes, water rates and assessments on the said premises,” to pay an annuity of $1,000 and the surplus to his widow during her life, and provided that after the death of the annuitant, which has occurred, his wife should receive all the surplus rents and income. The widow of the testator is still living. The gross income from the premises is about $12,000 per annum, but the net income is scarcely adequate to properly support and maintain the life tenant. On the hearing before the referee it was shown on behalf of the remaindermen that all of the alleged violations of which notice had been given by the tenement house department, with the exception of three, had been, abandoned before the commencement of the proceeding. The evidence shows, and the referee found, that it will require the expenditure of only $850 to make the improvements required to conform the buildings
The motion to dismiss the petition was properly denied and leave.
Ingraham, P. J., Clarke, Miller and Dowling, JJ., concurred.
Order modified as stated in opinion, and as modified affirmed, without costs. Settle order on notice.