The Problem: Partnership dispute involving the ascribed rental to each of the 29 retail stores located throughout Brooklyn, Queens, Manhattan, the Bronx, Northern New Jersey, Westchester and Nassau County as of retrospective valuation date of September, 2009.

The Solution: Inspected and compiled relevant market rental information for each property in each location with consideration given to renovations and/or building construction costs paid by the tenant, but typically recognized in the market as a landlord expense and amortized over the remaining lease term. Result formulated a market supported contract rental vs. market rent comparison for each store to illustrate no relevant rental variance between contract vs. market rent as indicated by the inner-party in-place leases for each of the 29 retail stores. Market rent is the rent that a knowledgeable tenant would most probably pay for the subject space, as of the date of value under free market rental conditions. The purpose of this rental study was to reconcile any differential in the in-place contractual rent versus the market derived rent for each store and to indicate any rental differential on an individual store and aggregate basis.

The Result: Settled