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KASSIS v. TEACHERS' INSURANCE AND ANNUITY ASSOCIATION

13 A.D.3d 165 (2004)

786 N.Y.S.2d 473

HENRY KASSIS et al., Appellants, v. TEACHERS' INSURANCE AND ANNUITY ASSOCIATION et al., Respondents, et al., Defendant. (And a Third-Party Action.)

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

December 14, 2004.

Plaintiffs are not entitled to prejudgment interest. The purpose of prejudgment interest is to compensate parties for the loss of the use of money they were entitled to receive, taking into account the "time value" of money (Mosesson v 288/98 W. End Tenants Corp., 294 A.D.2d 283, 284 [2002]). Given that plaintiffs' proof at trial was not based on estimates at the time the damages were incurred at their buildings but rather 11

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