The Real Deal New York

From the April issue: Caton on the Park was once a promising new condo development. Now, it’s a half-finished, eight-story skeleton that looms over the quiet Brooklyn neighborhood of Kensington. And it’s likely to remain that way for the foreseeable future. Caton’s developer, Moshe Feller, is locked in a bitter standoff with Chicago-based Corus Bank. The dispute is one of the many squabbles between developers and lenders that have begun to manifest themselves in the form of litigation. As the cases linger in court, the physical evidence of the disputes can be seen in the growing number of unfinished condos and dormant construction sites dotting New York City’s landscape. This month, The Real Deal looks at three lender-developer battles: the standoff between Feller and Corus, in which neither is willing to put in the money to finish the job; a lawsuit between real estate mogul Sheldon Solow and Citibank over the developer’s much-vaunted East River project, and the dispute between Brooklyn developer Alexander Gurevich and Chinatrust Bank, which allegedly stopped footing the bill for his seven-story Borough Park residential project when it was 90 percent finished. (Gurevich managed to finish the development without the bank.)