[Updated 7:13p.m. with comment from Starrett's attorney] Starrett Corp., the Manhattan-based real estate developer, is facing a $55 million foreclosure suit from lenders, including LNR Corp. and Angelo Gordon & Co., after allegedly defaulting on loans backed by the Axton, a former Mitchell-Lama high-rise on the Upper West Side.
Starrett defaulted this past May on principal and interest payments at the property, a 28-story rental building at 733 Amsterdam Avenue, the lenders alleged in a lawsuit filed Nov. 20 in New York State Supreme Court. The lenders are asking for a sale of the property, either as a single entity or in two parcels. [more]