Citibank, N.A. v. Nyland (CF8) Ltd.
Citibank, N.A. v. Nyland (CF8) Ltd.
Opinion of the Court
MEMORANDUM AND ORDER
Stephen E. Estroff, Esq., Special Master in the above-captioned foreclosure proceeding, has submitted an order confirming his Supplemental Report of Sale. As there has been no objection to the Report, there would ordinarily be no occasion for comment. However, Mr. Estroff’s services have been so extraordinary that it would be inappropriate to let them pass without public recognition.
This petition by Citibank to foreclose its mortgage (which was clearly in default) on the office building situated at 40 Wall Street in Manhattan appeared on its face to
Realizing that there would be nothing to sell until at least some of these disputes had been resolved, Mr. Estroff undertook negotiations with various of the parties (including a trip to Germany to meet with the underlying fee owner), which negotiations ultimately resulted in one aborted sale (from which the estate derived a forefeiture of $1.5 million) and a final sale pursuant to which the Special Master is now holding in escrow, in connection with the litigation before Judge Leval, a surplus of approximately $6.8 million.
To say that Mr. Estroff’s services were above and beyond the call of duty would be the understatement of this decade. It is mete and proper that his contribution be publicly acknowledged.
Accordingly, the order confirming the report will today be entered.
SO ORDERED.
Reference
- Full Case Name
- CITIBANK, N.A. v. NYLAND (CF8) LTD.
- Status
- Published