Order unanimously reversed on the law without costs and matter remitted to Supreme Court for further proceedings in accordance with the following Memorandum:
We agree with Supreme Court that petitioner sustained its burden of overcoming the validity of the assessment (see, Matter of Welch Foods v. Town of Portland, 187 A.D.2d 948). We further conclude that the court did not err in utilizing the cost less depreciation method to value this unique property (see, Matter of Allied Corp. v. Town of Camillus, 80 N.Y.2d 351, 356-357, rearg denied 81 N.Y.2d 784). The court failed, however, to comply with Real Property Tax Law § 720 (2) because, in accepting petitioner's depreciation values, it failed to set forth in its decision the essential facts upon which it relied (see, Matter of Branch Motor Express Co. v. Tax Commn., 80 A.D.2d 766). Moreover, in rounding off values without explanation, the court appeared to arrive at its conclusions in an arbitrary manner (see, Matter of Connecticut Mut. Life Ins. Co. v. Srogi, 101 A.D.2d 698). Consequently, the order must be reversed and the matter remitted to Supreme Court to comply with Real Property Tax Law § 720 (2).