Certainly, few have looked down from as lofty a perch in recent years as Tishman Speyer, the venerable blue-chip firm that has long held a stake in such New York City landmarks as Rockefeller Center and the Chrysler Building. In 2007, Tishman partnered with Lehman Brothers to acquire the massive billion nationwide portfolio of buildings owned by Archstone Smith — one of the largest real estate deals ever.
Firmly established as the city’s best in class, Tishman Speyer expanded its empire even wider during the boom, most notably by beating out scores of bidders in 2006 to acquire the iconic 80-acre Stuyvesant Town and Peter Cooper Village complex for .4 billion, the priciest deal ever for a single real estate property in the U. Tishman completed its hat trick in March of this year, when the Metropolitan Transportation Authority awarded the firm the right to buy Manhattan’s largest swath of undeveloped land: the West Side rail yards, which run from 30th to 33rd streets between 11th and 12th avenues.
The only defendants remaining at trial were Burnham and Crown Boiler Co. Burnham was assessed 9 percent liability, with several other entities sharing the remainder of the liability.
With credit markets frozen and property values slumping, real estate firms that soared the highest during the boom now appear poised to fall the farthest.
For a time, it seemed Tishman Speyer could do no wrong.
But now, it appears that even this company is paying a price for success.
Justice Angela Mazzarelli delivered the July 3 opinion, concluding that the trial court's allocated liability was proper.
Colgate moved for summary judgment, arguing 1) the plaintiffs’ action is barred by the statute of limitations; 2) the plaintiffs failed to exclude other potential causes of Ms. The plaintiff, Doris Kay Dummitt, filed suit in the New York Supreme Court, alleging her husband, Ronald Dummitt, was diagnosed with and passed away from mesothelioma from asbestos exposure as a result of work as a Navy boiler technician from 1960 to 1977.However, Bendix was not included on the jury's verdict sheet. Tishman and his 39-year-old son, Daniel R., have led similar lives.The plaintiffs, however, claimed the defendant failed to take any steps to protect the workers from asbestos hazards.The decedent also worked at a gas station from the late 1960s to the early 1970s, where he performed hundreds of brake jobs, sanding down brake pads manufactured by the Bendix Corporation.