The lenders for the Midtown development where Aby Rosen’s RFR Holding
was slated to build Shangri-La Hotel, New York, have filed to foreclose
on $144.2 million in loans and fees used to buy, plan and develop the
site, court records say. ING Real Estate Finance and Swedbank sued to foreclose on the loan to
Park Avenue Hotel Acquisition, a company registered at the address of
developer Aby Rosen’s RFR Holding, which was slated to develop the
Shangri-La Hotels and Resorts’ tower at 610 Lexington Avenue, at 53rd
Street. The borrower was unable to refinance its loan by an April 8 deadline,
and so ING determined the loan was in default on June 15, the filing
says. [more]