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New York City Apartment Complex Developer Loses Second Tower In Month
February 2, 2010 by Neil · Leave a Comment
Yair Levy’s development firm, YL Real Estate Developers, defaulted on its $165 million mortgage on Rector Square, a failed 303-unit condo conversion in Battery Park City. Levy attempted to buy time for Rector Square, located at 225 Rector Place, by bringing a lawsuit against lender Anglo Irish Banking Corp., alleging the lender did not comply with its loan obligations. New York State’s Supreme Court granted Anglo Irish’s motion to foreclose, while denying Levy’s lawsuit in its entirety.
Levy’s other default this month? His 95-unit condo conversion, the Park Columbus project, on 101 West 87th Street. Levy defaulted on that project’s $20 million loan.
Hat Tip: Crains
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