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RODIN PROPERTIES-SHORE MALL N. V. v. ULLMAN

264 A.D.2d 367 (1999)

694 N.Y.S.2d 374

RODIN PROPERTIES-SHORE MALL N. V., Appellant, v. LEO ULLMAN et al., Defendants, and CUSHMAN & WAKEFIELD OF PENNSYLVANIA, INC., et al., Respondents.

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

Decided August 26, 1999.

Plaintiff, a consortium of investors, loaned Shore Mall Associates, L.P. (SMA) $49,125,000 to refinance a New Jersey shopping center known as Shore Mall. The loan was expressly conditioned on the borrowers obtaining an appraisal showing Shore Mall as having a value of at least $60,000,000. SMA selected Cushman & Wakefield, for a fee of $18,000, to appraise the property. The letter agreement between SMA and Cushman & Wakefield contains an express acknowledgment that...

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