N.Y. Uniform Commercial Code Law § 2-a-507: Proof of Market Rent: Time and Place

Section 2-A-507. Proof of Market Rent: Time and Place.

(1) Damages based on market rent (Section 2-A-519 or 2-A-528) are

determined according to the rent for the use of the goods concerned for

a lease term identical to the remaining lease term of the original lease

agreement and prevailing at the times specified in Sections 2-A-519 and

2-A-528.

(2) If evidence of rent for the use of the goods concerned for a lease

term identical to the remaining lease term of the original lease

agreement and prevailing at the times or places described in this

Article is not readily available, the rent prevailing within any

reasonable time before or after the time described or at any other place

or for a different lease term which in commercial judgment or under

usage of trade would serve as a reasonable substitute for the one

described may be used, making any proper allowance for the difference,

including the cost of transporting the goods to or from the other place.

(3) Evidence of a relevant rent prevailing at a time or place or for a

lease term other than the one described in this Article offered by one

party is not admissible unless and until he or she has given the other

party notice the court finds sufficient to prevent unfair surprise.

(4) If the prevailing rent or value of any goods regularly leased in

any established market is in issue, reports in official publications of

trade journals or in newspapers or periodicals of general circulation

published as the reports of that market are admissible in evidence. The

circumstances of the preparation of the report may be shown to affect

its weight but not its admissibility.