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PRECISION DYNAMICS CORP. v. 601 WEST 26 CORP.

51 A.D.2d 907 (1976)

Precision Dynamics Corporation, Respondent, v. 601 West 26 Corp., Appellant, and Louis Graff, as Receiver, et al., Respondents

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

March 4, 1976

The premises here subject to foreclosure are located at 601 West 26th Street, Manhattan, and are described as the biggest factory building in New York City with a floor space comparable to that of the Pan Am Building. Study of the record discloses that these premises, suffering a vacancy rate in excess of 30%, with all the problems attendant thereon, and with a first mortgage requiring payment in excess of $120,000 per month, were restored to fiscal health. The building was...

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