Dime Savings Bank of New York, F.S.B. v. Pesce

OPINION OF THE COURT

Rosenberger, J. P.

The Battery Park City Authority (BPCA), a public benefit corporation created to develop a commercial and residential community known as Battery Park City, is the fee owner and lessor of a 92-acre tract of land on the lower West Side of Manhattan. For flexibility in the administration of this intended community, BPCA subdivided portions of this property and leased it, under long-term ground leases, to private entities for development.

In December 1984, BPCA entered into one such lease with Hudson View Towers Associates (Hudson), pursuant to which *301Hudson was…