Special Referee Phyllis Sambuco
Bexin Realty Corporation brought an action against defendants Barcov Holding Corporation and Fannie Mae concerning a series of mortgages involving a parcel of property located in Manhattan. The property was originally mortgaged in 1981 by its prior owner after which, by virtue of a 1983 assignment, Barcov became the holder of the mortgage. In 1995, Bexin became the owner of the property and then obtained a mortgage in the amount of $170,000 from Barcov. The Barcov mortgage was wrapped around a second mortgage in the amount of $130,000, which was then wrapped around a third mortgage in the amount of $70,000. The court had to determine the amount of reasonable attorneys' fees Baxin's counsel was entitled to received for the legal work completed in this action. The court found the hourly rate for two paralegals, billed at $343 per hour and $335 per hour, to be excessive, and determined that $200 per hour reasonable. In determining this amount, the court took into consideration the size of the law firm, the nature of the case, recent case law and the rate billed by the firm for a third paralegal.
