Swedbank AB initiated a foreclosure suit June 26 in New York State Supreme Court against East 46th Street Borrower, a concern headed by Alexander Gurevich, the developer of a planned 18-story residential condominium building at 313-317 East 46th Street.
In an article in this afternoon's edition of therealdeal.com, Adam Pincus wrote that court papers indicated that the bank was foreclosing on about $38 million in loans secured by the project and the suit also named six construction firms that have filed about $4.675 million in mechanic's liens against the property, which is between 1st and 2nd Avenue.
According to the article, the loan went into default October 31 and the loans had been transferred in December to Swedbank from Lehman Brothers Holdings.
The bank's first quarter report this year indicated that it had taken over 69 Lehman Brothers loans secured by 55 properties that were valued in March at $1.35 billion, the article said.
Swebank, the article continued, joined with ING Real estate Finance recently in suing an entity of Aby Rosen's RFR Holding for repayment of about $144.2 million in loans for a mixed-use project at 610 Lexington Avenue, a former YWCA building recently demolished. That project was to have included a Shangri-La Hotel and 17 condominium apartments and had been designed by Sir Norman Foster.
Swedbank was party to another foreclosure lawsuit filed this month. It joined with ING Real Estate Finance in suing an entity of Aby Rosen's RFR Holding that was to develop the Shangri-La Hotel New York at 610 Lexington Avenue, seeking repayment of $144.2 million in loans.
And Gurevich is in a dispute with another lender. In February, Alexander Gurevich sued Chinatrust Bank (U.S.A.) for $110 million, claiming the bank withheld advances on the building loan at a Borough Park, Brooklyn, condo project at 4102 13th Avenue.
The bank responded in court papers filed March 20 that the developer was in default on its $10.4 million loan.
The 46th Street site had been acquired by Mr. Gurevitch's concern for $40,950,000 from Imico-BRG LLC, which was formerly Intell-BRG LLC, part of Extell Development. A permit for the mid-block site was approved November 29, 2005 and plans had been filed by Cetra-Ruddy.
In an article in this afternoon's edition of therealdeal.com, Adam Pincus wrote that court papers indicated that the bank was foreclosing on about $38 million in loans secured by the project and the suit also named six construction firms that have filed about $4.675 million in mechanic's liens against the property, which is between 1st and 2nd Avenue.
According to the article, the loan went into default October 31 and the loans had been transferred in December to Swedbank from Lehman Brothers Holdings.
The bank's first quarter report this year indicated that it had taken over 69 Lehman Brothers loans secured by 55 properties that were valued in March at $1.35 billion, the article said.
Swebank, the article continued, joined with ING Real estate Finance recently in suing an entity of Aby Rosen's RFR Holding for repayment of about $144.2 million in loans for a mixed-use project at 610 Lexington Avenue, a former YWCA building recently demolished. That project was to have included a Shangri-La Hotel and 17 condominium apartments and had been designed by Sir Norman Foster.
Swedbank was party to another foreclosure lawsuit filed this month. It joined with ING Real Estate Finance in suing an entity of Aby Rosen's RFR Holding that was to develop the Shangri-La Hotel New York at 610 Lexington Avenue, seeking repayment of $144.2 million in loans.
And Gurevich is in a dispute with another lender. In February, Alexander Gurevich sued Chinatrust Bank (U.S.A.) for $110 million, claiming the bank withheld advances on the building loan at a Borough Park, Brooklyn, condo project at 4102 13th Avenue.
The bank responded in court papers filed March 20 that the developer was in default on its $10.4 million loan.
The 46th Street site had been acquired by Mr. Gurevitch's concern for $40,950,000 from Imico-BRG LLC, which was formerly Intell-BRG LLC, part of Extell Development. A permit for the mid-block site was approved November 29, 2005 and plans had been filed by Cetra-Ruddy.
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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