Rapid-American Corp. v. Olympic Tower Associates
Opinion of the Court
Order of the Supreme Court, New York County (Leonard N. Cohen, J.), entered on January 26, 1989, which, inter alia, deemed plaintiff’s motion for declaratory and injunctive relief as a motion for partial summary judgment, granted plaintiff’s motion to the extent of directing defendant to furnish plaintiff access to all financial books and records used in the preparation of the 1987 operating expense escalation, denied defendant’s cross motion to dismiss the complaint and denied defendant’s cross motion to stay the action pending arbitration, is unanimously affirmed, with costs and disbursements.
We affirm for the reasons stated at the Supreme Court by Honorable Leonard Cohen. Moreover, it should be noted that contrary to the contention of defendant landlord, the subject lease does not mandate that plaintiff commence an arbitration proceeding as a condition precedent to being given access to defendant’s books and records for the purpose of verifying operating expenses. Indeed, a reasonable interpretation of the agreement herein requires that the landlord make available to the tenant the books and records upon which it bases its demand for increases in the rent payments so that the latter can appropriately ascertain the necessity for, and appropriateness of, such increases prior to instituting an arbitration
Case-law data current through December 31, 2025. Source: CourtListener bulk data.