Long Island Savings Bank, FSB v. Geloda/Briarwood Corp.
Appellate Division of the Supreme Court of the State of New York
1Opinion of the Court
OPINION OF THE COURT
Wallace, J.
At issue on this appeal is the dismissal, on summary judgment, of the entitlement of plaintiff Long Island Savings Bank (Bank) to "additional compensation” (estimated at $1 million) consisting of 25% of the "net profits” of a condominium project sponsored by defendant Geloda/Briarwood Corp. (Sponsor), as part of the consideration for an $18 million construction loan to the Sponsor made by the Bank’s predecessor, Flushing Federal Savings & Loan, in 1983. Contrary to the motion court, we conclude that the claim cannot be rejected as a matter of law.
The project,…
2Cases cited6 opinions
- Sutton v. East River Savings BankNew York Court of Appeals · 1982
- Manufacturers Hanover Trust Co. v. Chemical BankAppellate Division of the Supreme Court of the State of New York · 1990
- Schuler-Haas Electric Co. v. Aetna Casualty & Surety Co.New York Court of Appeals · 1976
- Ellenberg Morgan Corp. v. Hard Rock Cafe AssociatesAppellate Division of the Supreme Court of the State of New York · 1986
- Federal Deposit Insurance v. Central Wine & LiquorAppellate Division of the Supreme Court of the State of New York · 1992
1 more not listed; retrieve them via the Exa API.
3Cited by6 opinions
- EBC I, Inc. v. Goldman Sachs & Co.Appellate Division of the Supreme Court of the State of New York · 2004
- Long Island Savings Bank v. Geloda/Briarwood Corp.Appellate Division of the Supreme Court of the State of New York · 1997
- Merzon v. LefkowitzAppellate Division of the Supreme Court of the State of New York · 2001
- Water Street Development Corp. v. City of New YorkAppellate Division of the Supreme Court of the State of New York · 1995
- Business Telecommunication Systems, Inc. v. Halle Telecommunications, Inc.Appellate Division of the Supreme Court of the State of New York · 1995
1 more not listed; retrieve them via the Exa API.