266 A.D. 699 | N.Y. App. Div. | 1943
Hill, P. J., Crapser, Bliss and Heffernan, JJ., concur; Sehenck, J., dissents, in a memorandum. Sehenck, J. (dissenting) . Relator’s expert has found the market value of this property to be the sales price. This property was not sold under ordinary circumstances in ordinary times, and clearly, the sales price alone cannot be the basis for the establishment of a market value. Reproduction cost less depreciation is an element that should