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55 ECKFORD REALTY, LLC v. INDUSTRIAL AND COMMERCIAL BANK OF CHINA

2014-02550, Index No. 31923/08.

137 A.D.3d 1204 (2016)

29 N.Y.S.3d 385

2016 NY Slip Op 02320

55 ECKFORD REALTY, LLC, et al., Appellants, v. INDUSTRIAL AND COMMERCIAL BANK OF CHINA (USA) N.A., Formerly Known as BANK OF EAST ASIA (U.S.A.), N.A., Respondent.

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

Decided March 30, 2016.

Ordered that the judgment is affirmed insofar as appealed from, with costs.

In August 2008, the defendant bank (hereinafter the bank) issued a loan commitment letter to Aaron Gertz, Judah Septimus, and a new entity to be formed called 55 Eckford Realty, LLC (hereinafter collectively the plaintiffs), which was ultimately executed in September 2008. The loan, in the sum of $9,975,000, would finance the acquisition of property at 55 Eckford Street in Brooklyn and the...

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