The movant, 500 W. 42 St., Inc. (mortgagee) holds a first mortgage on five contiguous lots known as 500-506 West 42nd Street, 557-69 Tenth Avenue and 501-507 West 41st Street in Manhattan. The designations of these lots on the tax map of the City of New York are Block 1070, Lots, 29, 30, 31, 33 and 130.
In July, 1977 the City of New York commenced an in rem tax foreclosure action...
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