Ground Rent Reset Arbitration Is Unreviewable Until the Umpire Takes Work From One Side
A three-arbitrator panel valued the land under 100 West 57th Street at $301,250,000 and raised the ground rent from $4,360,587 to $24,602,184. On 3 September 2026 the First Department threw the award out, but not because the number was wrong. Nobody reviewed the number. The valuation standard decides what the rent becomes; the arbitration clause decides whether anyone ever looks at it again.