FRIENDLY, Circuit Judge:
Defendant-Appellant, Henry Phipps Plaza South, Inc. (Phipps), is a nonprofit redevelopment company organized pursuant to the New York Redevelopment Companies Law, N.Y.Priv.Hous. Fin.Law § 100 et seq. (McKinney's Consol.Laws, c. 44B 1962). It was created to build and operate a housing
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