Lender can’t sidestep foreclosure at stalled Garment District condo project, judge rules

The long-running legal dispute over a failed Garment District condo conversion continues after a judge ruled that the lender will have to foreclose on the property the old-fashioned way. State Supreme Court Justice Andrea Masley reversed an earlier ruling that would have allowed Shanghai Commercial Bank to take over the title to 335 West 35th Street from the family of Taiwanese artist Dr. Tsing-Fang Chen, ruling that a deed-in-lieu of foreclosure agreement was legally a mortgage. The dispute stems from a loan the bank made to an entity tied to the Chen family, which bought the vacant, 12-story building near […]

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