TPZ Corp. v. Block 7589 Corp.
| Decision Date | 25 November 1996 |
| Citation | 650 N.Y.S.2d 299,233 A.D.2d 496 |
| Parties | TPZ CORPORATION, Plaintiff-Respondent, v. BLOCK 7589 CORP., Defendant-Respondent, Vincent Parisi, et al., Defendants-Appellants, et al., Defendants. |
| Court | New York Supreme Court — Appellate Division |
Menicucci & Castellano, Staten Island (John R. Ingrassia, of counsel), for defendants-appellants Vincent Parisi and Roseanne Parisi.
Matthew S. Pavis, Staten Island, for defendants-appellants Richard Verdi and Patricia Verdi (one brief filed).
Peretore & Peretore, Staten Island (Frank Peretore, of counsel), for plaintiff-respondent.
Before ROSENBLATT, J.P., and O'BRIEN, THOMPSON and McGINITY, JJ.
MEMORANDUM BY THE COURT.
In an action to foreclose a mortgage, the defendants Vincent and Roseanne Parisi and Richard and Patricia Verdi appeal from a judgment of the Supreme Court, Richmond County (Amann, J.), entered June 29, 1995, which confirmed the referee's report of sale except to the extent that the value of the property at the time of the sale was determined to be $185,000 instead of $170,000 and awarded a deficiency judgment in favor of the plaintiff-respondent in the principal sum of $214,430.88.
ORDERED that the judgment is reversed, on the law, without costs or disbursements, and the matter is remitted to the Supreme Court, Richmond County, for a hearing on the issue of the fair and reasonable market value of the property as of the date of sale.
In June 1991 the plaintiff's predecessor in interest commenced an action to foreclose a mortgage dated December 1, 1989, in the principal amount of $315,000, held by it upon a certain parcel of property situated in Richmond County, New York. That proceeding resulted in a judgment of foreclosure and sale based on a finding that the amount of $337,498.36 was due and owing, together with interest, costs, and disbursements. On September 27, 1994, a public sale was conducted and the property was sold to the plaintiff for $170,000. The plaintiff moved to confirm the referee's report of sale and for leave to enter a deficiency judgment against all of the defendants. In support of its motion the plaintiff submitted an appraisal which stated that the reasonable market value of the property was $164,000. In opposition to the motion the appellants submitted an appraisal which stated that the reasonable market value of the property was $245,000, and would be significantly higher if income to be generated by a sign rental on the property were taken into...
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...but by the court or a referee, so that the witnesses may be subject to observation and cross-examination" ( TPZ Corp. v. Block 7589 Corp., 233 A.D.2d 496, 497, 650 N.Y.S.2d 299 [internal quotation marks omitted]; see Trustco Bank, Natl. Assn. v. 400 Delaware Ave. Prop. Co., 256 A.D.2d 762, ......
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...hearing be held as to the fair market value of the subject property and the proper amount of the deficiency. See TPZ Corp. v. Block 7589 Corp., 233 A.D.2d 496 [2d Dept 1996]. It is noted that Jericho sold the property on June 21, 2013 to Rickey Marks for $690,000, according to ACRIS, after ......
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