Citigroup wins $85.7M judgment over Solow’s East River site

Developer Sheldon Solow will have to fork over $85.7 million to Citigroup after a New York State Supreme Court Judge granted the bank’s request for a summary judgment. The bank had sued Solow in 2008 over missed payments on a $503 million line of credit for his 10-acre East River development site, where he is planning six waterfront apartment buildings and a 1.4 million-square-foot office tower. Solow had argued that the bank had sold the initial collateral on the property for less than its market value and denied his offer to provide more. [Bloomberg]