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LEX TENANTS CORP. v. GRAMERCY NORTH ASSOCS.

213 A.D.2d 351 (1995)

624 N.Y.S.2d 414

Lex Tenants Corp., Respondent, v. Gramercy North Associates et al., Appellants

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

March 30, 1995

We agree with the IAS Court that defendant sponsor's assignment to plaintiff cooperative of its security deposit on the ground lease is not amenable to mutual mistake analysis (see, Chimart Assocs. v Paul, 66 N.Y.2d 570), since the assignment which was executed by one of the sponsor's principals alone, on behalf of both the sponsor and the cooperative, was not an arm's length transaction; that the assignment should not be...

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