ALTSHULER SHAHAM PROVIDENT FUNDS, LTD. v. GML TOWER

No. 115

21 N.Y.3d 352 (2013)

995 N.E.2d 110

972 N.Y.S.2d 148

2013 NY Slip Op 4273

ALTSHULER SHAHAM PROVIDENT FUNDS, LTD., Appellant, v. GML TOWER, LLC, et al., Defendants, THE PIKE COMPANY, INC., et al., Respondents.

Court of Appeals of New York.

Decided June 11, 2013.


Attorney(s) appearing for the Case

D'Agostino, Levine, Landesman & Lederman, LLP, New York City ( Bruce H. Lederman , Eric R. Garcia and Christopher M. Tarnok of counsel), and Hancock & Estabrook, LLP, Syracuse ( John G. Powers of counsel), for appellant.

Hahn, Loeser & Parks, LLP ( Timothy M. Bittel , of the Ohio bar, admitted pro hac vice, of counsel), and Gilberti Stinziano Heintz & Smith, P.C., Syracuse ( Kevin Roe and John L. Stinziano of counsel), for The Hayner Hoyt Corporation, respondent.

Pappas, Cox, Kimpel, Dodd & Levine, P.C., Syracuse ( Thomas P. Givas of counsel), for L.A. Painting, Inc., respondent.

Byrne, Costello & Pickard, P.C., Syracuse ( Jordan R. Pavlus and Terry R. Pickard of counsel), for TAG Mechanical Systems, Inc. and others, respondents.

Phillips Lytle LLP, Rochester ( Mark J. Moretti of counsel), for The Pike Company, Inc., respondent.

Stewart L. Weisman , Manlius, for Pyramid Roofing & Sheet Metal Co., Inc., respondent.

Chief Judge LIPPMAN and Judges SMITH, PIGOTT and RIVERA concur with Judge READ; Judge GRAFFEO dissents in part in an opinion; Judge ABDUS-SALAAM taking no part.


OPINION OF THE COURT

READ, J.

This mortgage foreclosure action arises from a failed redevelopment of the Hotel Syracuse complex in downtown Syracuse, New York. The complex consists of several properties interconnected by pedestrian bridges: the hotel, built in 1924 and closed in 2004, and its separate garage (the hotel property); a 15-story tower constructed in the early 1980s as an addition to the hotel...

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