News

October 29, 2018 News

Morrison Cohen Representing Lender in Foreclosure on New York City Condo Over $41 Million Loan Default

October 29, 2018 – Morrison Cohen Partners Y. David Scharf and Gayle Pollack are representing New York based lender 29th Street Lender LLC, as successor-of-interest to Churchill Real Estate Holdings LLC, in a complaint against the construction company, Project 29 West Chelsea LLC, for defaulting on a $41 million loan for the property and asking the court to foreclose and sell the property to repay the debt.

In the claim filed in the Supreme Court of the state of New York, 29th Street Lender claims that the construction company failed to pay interest on the loans and failed to notify it of litigation against the guarantor, Jason Lee, and a $7 million deficiency in funds needed for completion of the project at 517-523 W. 29th St. in the Chelsea neighborhood of Manhattan.

Click here for more information on the case 29th Street Lender LLC v Project 29 West Chelsea LLC et al., case number 850293/2018.