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CHASE MANHATTAN BANK v. 264 WATER ST. ASSOCS.

222 A.D.2d 229 (1995)

634 N.Y.S.2d 687

Chase Manhattan Bank, Plaintiff, v. 264 Water Street Associates et al., Defendants. Broadstone Ownership Group, Inc., Cross-Claim Plaintiff-Respondent, v. James Buden et al., Cross-Claim Defendants-Appellants

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

December 7, 1995

Defendant 264 Water Street Associates ("WSA") was a joint venture between Ursa Minor, owned by defendants James and Clare Buden, and defendant Denison Industries, an affiliate of defendant Broadstone Ownership Group ("BOG"). WSA obtained a $7.4 million loan from plaintiff to finance a construction project near South Street Seaport in Manhattan. The mortgage debt was personally guaranteed by the Budens and BOG, and these two guarantors agreed between themselves to share liability...

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