In 1971, Heather, a limited partnership, acquired five leasehold interests in real property located in Queens County from the Fischer Group of corporations. Approximately four years after the closing, in December, 1975, Heather sold the leaseholds for $25,900,000, of which $900,000 was in cash at the closing and the remainder in the form of a note secured by a wraparound mortgage. After the closing, it appeared that defendant Mehlman, one of the three limited partners of...
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