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 […]
This article originally appeared on The Real Deal. Click here to read the full story.
Categories
Recent Posts
David Zaslav seeks to buy Camp Mohawk for $68M
Bridges Development lands retail-office building in Brooklyn
for $31M
Jed Walentas, Tom Brady’s ex-manager abruptly settle legal
battle over Bahamas mansion
Arbor accused of dangling refinance before foreclosing on
Georgia apartments
Ralph Zucker’s luxury condo development in Asbury Park snags
$186M loan
How Much Does Natural Light Matter When Buying a
Home?
Major Homebuilders Have Not Sold Homes This Cheap in Nearly
a Decade—Here’s How Investors Can Take Advantage
You Won’t Believe Why Mortgage Rates Are Going Up
(Again)
NYC broker admits to pocketing $100K in rental
deposits
After cannabis crackdown, landlords cope with padlocked
stores
