In New York Overnight Partners v. Gordon (88 NY2d 716, 673 NE2d 123, 649 NYS2d 928 [1996]), the owner of a parcel of land in New York City had a long-term lease with the owner of a hotel located on the property. The rent for the 15-year renewal term of the lease was to be calculated at 6 1/2% of the "appraised value of the land" (id. at 718). The lease expressly excluded from the definition of "land" the "buildings and improvements thereon erected" (id. at 719 n 1). When the parties deadlocked on the meaning of the phrase "appraised value of the land," they sought judicial interpretation to settle the dispute The Court affirmed the Appellate Division order directing the appraiser "to determine the value of the land as if vacant and unimproved, subject to current zoning restrictions and contractual limitations, and to consider the effect of the lease on the value of the land" (id. at 720). In reaching that conclusion, we observed that "[w]hen the language of the lease so dictates, appraisals must take into consideration all restrictions--including current zoning regulations--and encumbrances on the land, as well as the lease term" (id. at 721).