New York State Supreme Court Justice Bernard Fried said yesterday he was granted Citigroup's request for summary judgment, or a verdict before trial, in its attempt to collect $85.7 million from Sheldon H. Solow for failing to make payments to Citibank NA on a $503 million line of credit it provided to develop the former Con Edison Properties on First Avenue between 38th and 42nd Streets. According to an article today by Patricia Hurtado at Bloomberg.com.
A dispute about Citigroup's claims for fees and damages will be sent to a referee, Fried said in a ruling from the bench.
In court documents, Mr. Solow, who developed the sloping skyscraper at 9 West 57th Street, said that "the bank rebuffed his offer to provide more collateral" and "instead, Citigroup sold the initial collateral for millions of dollars less than fair market value," the article said.
Solow acquired the large site facing the East River in a venture with Fisher Brothers and subsequently took over its share of the venture, which calls for the erection of six apartment towers and a 1.4 million-square-foot office tower. The site is just to the south of the United Nations complex.
Richard Meier and Skidmore Owings & Merrill are the architects for the huge project.
The article said that Marc Weinstein, a lawyer for Citigroup, and Richard Weill, a lawyer for Solow, declined to comment on yesterday's ruling after court and that a spokesman for Solow couldn't immediately be reached for comment.
A dispute about Citigroup's claims for fees and damages will be sent to a referee, Fried said in a ruling from the bench.
In court documents, Mr. Solow, who developed the sloping skyscraper at 9 West 57th Street, said that "the bank rebuffed his offer to provide more collateral" and "instead, Citigroup sold the initial collateral for millions of dollars less than fair market value," the article said.
Solow acquired the large site facing the East River in a venture with Fisher Brothers and subsequently took over its share of the venture, which calls for the erection of six apartment towers and a 1.4 million-square-foot office tower. The site is just to the south of the United Nations complex.
Richard Meier and Skidmore Owings & Merrill are the architects for the huge project.
The article said that Marc Weinstein, a lawyer for Citigroup, and Richard Weill, a lawyer for Solow, declined to comment on yesterday's ruling after court and that a spokesman for Solow couldn't immediately be reached for comment.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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