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EAST HARLEM ABYSSINIAN TRIANGLE CORP. v. NEW YORK CITY ECONOMIC DEV. CORP.

489, 651211/14.

137 A.D.3d 536 (2016)

27 N.Y.S.3d 524

2016 NY Slip Op 01764

EAST HARLEM ABYSSINIAN TRIANGLE CORPORATION, Appellant, v. NEW YORK CITY ECONOMIC DEVELOPMENT CORPORATION, Respondent.

Appellate Division of the Supreme Court of New York, First Department.

Decided March 15, 2016.

EHAT LP's governing limited partnership agreement was entered into between the parties in 1995 for the purpose of acquiring certain city-owned real property on which to develop a supermarket. The EHAT LP purchased the property from defendant, paying an amount in cash and giving a purchase-money mortgage secured by a note for the remainder; it entered into arrangements with other lenders, including a mortgage from Citibank, to obtain funds needed for the development project...

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