United States: Kramer Levin Obtains Win for Lender Foreclosing on Midtown Supertall Building
Last Updated: March 8 2016

A Manhattan judge has ruled that Kramer Levin client Gamma Real Estate can foreclose on property involving a 1,000-foot-tall condominium tower to be located at 428-432 E. 58th Street. The win has been reported in Crain's New York Business, The Real Deal, and elsewhere as a "critical" victory and a "major blow" to the current owner of the property who "looked deflated outside the courtroom." The current owner of the property sued to stop the foreclosure, but Kramer Levin put in papers two business days later and obtained a ruling from the bench allowing the foreclosure to proceed. The Supreme Court, Commercial Division held on February 23, 2016 that the current owner of the property had not offered enough support for its claims, "to put it mildly."

Gamma was represented in the litigation by Litigation partner Ronald S. Greenberg, Litigation associates Scott Ruskay-Kidd and Daniel Lennard, and is being represented in the foreclosure and other matters concerning the property by Real Estate partners Jay A. Neveloff and Tzvi Rokeach, Banking and Finance partner Kenneth Chin, Litigation general counsel Charlotte Moses Fischman, Real Estate associates Justin R. Quinn and Seth R. Niedermayer, and Corporate associate Daniel Michaelson. The litigation effort was assisted by paralegals Michelle Lam, Nora Cropper, Mariah Vitali, and Laurie Baldinger.

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