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STERLING FIFTH ASSOCIATES v. CARPENTILLE CORPORATION, INC.

5 A.D.3d 328 (2004)

774 N.Y.S.2d 140

STERLING FIFTH ASSOCIATES, Respondent, v. CARPENTILLE CORPORATION, INC., Appellant, and LODINA CORPORATION N.V., Respondent. (And a Third-Party Action.)

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

March 30, 2004.

Plaintiff Sterling Fifth Associates and defendant Carpentille Corporation, Inc. are partners with First Stone Associates, L.P. in 575 Fifth Associates, a general partnership whose sole asset is a commercial office building at 575 Fifth Avenue in Manhattan. Metropolitan Life Insurance Company has a first mortgage on the building of approximately $147 million and the partnership owes defendant Lodina Corporation N.V. approximately $111 million pursuant to a nonrecourse promissory...

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