2550 Olinville Avenue Inc. v. Crotty

Order, Supreme Court, New York County (Herman Cahn, J.), entered on or about March 6, 1991, which, inter alia, granted plaintiffs Kingsbridge and Leland summary judgment on their fourth cause of action, and denied the motion of plaintiff Olinville for like relief, unanimously affirmed, without costs.

Plaintiffs are private housing companies which participated in the Mitchell-Lama program subsequent to May 1, 1959. In connection therewith, they obtained low-interest mortgages from the municipal authorities and then attempted to prepay these first mortgages and dissolve as a limited-profit…