Posted Jan 24, 2018, 5:28 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,900
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https://therealdeal.com/2018/01/24/1...urt-victory-2/
Owners of 111 West 57th Street supertall notch court victory over obscure REIT
Judge denies Ambase’s request to block foreclosure
By Konrad Putzier
January 24, 2018
Quote:
The owners of 111 West 57th Street notched a major court victory last week when a New York Supreme Court dismissed Ambase Corp.’s latest attempt to block the development’s foreclosure.
Ambase, an obscure holding company based in Connecticut, once owned a 59 percent stake in the supertall condo project but fell out with the building’s developers, Michael Stern and Kevin Maloney. Amid the dispute, the building’s mortgage fell out of balance and the most junior mezzanine lender, Spruce Capital Partners, took control of the project through foreclosure in late August.
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