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Real Estate

Appellate Division, Third Department
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Guild Ventures v. Kenwood Commons — Court Upholds $15.5M Deficiency Judgment Based on Actual Market Value, Rejecting $71.5M Development-Potential Estimate

The Appellate Division, Third Department, affirms a deficiency judgment against guarantors of a defaulted $5 million commercial loan on a historic Albany campus, holding that RPAPL § 1371(2) fair market value is anchored to comparable sales and present conditions—not aspirational development projections of $71.5 million—where development was not imminent as of the foreclosure sale date.

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