Morrison Cohen Obtains Temporary Restraining Order Prohibiting Distribution of $7.3 million in Real Estate Dispute
March 12, 2018 – Morrison Cohen obtained a temporary restraining order in New York County Supreme Court, Commercial Division, prohibiting the distribution of proceeds of an $85-million dollar property transaction. The Firm's clients had successfully arranged for over $250 million dollars in construction and EB-5 financing to develop a 711-unit property in Astoria, Queens. The Firm's emergency application claimed that the defendants owed its clients approximately $6.8 million following the defendants' withdrawal from the deal and decision to sell the project.
On March 6, 2018, Justice Andrea Masley issued an ex parte emergency injunction barring the dissipation of funds while the clients' claims are adjudicated. The Firm's application was led by Christopher Milito as part of the team that included David B. Saxe, Y. David Scharf, and Joaquin Ezcurra.
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