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FIRST NEW YORK BANK FOR BUS. v. 418 W. 49TH ST. REALTY CORP.

252 A.D.2d 460 (1998)

675 N.Y.S.2d 867

First New York Bank for Business, Plaintiff, v. 418 West 49th Street Realty Corp. et al., Defendants. Arthur B. Levine, as Receiver, Appellant; NAB Asset Venture III, L.P., as Assignee, Respondent

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

July 30, 1998

On April 22, 1992, appellant Arthur Levine was appointed the receiver over certain property that was the subject of a mortgage-foreclosure action. The receivership continued until February 22, 1996, when it was terminated after the parties settled the underlying foreclosure action. Although the building had serious problems at the commencement of the receivership (plumbing leaks, notices from utilities of cessation of electricity and the continued presence of prostitutes...

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