Embattled developer Harry Jeremias is facing a new round of litigation for allegedly defaulting on $48 million in loans from Bank of America, used to purchase and renovate a 13-story office tower at 216 West 18th Street. Jeremias, founder of the Harch Group, allegedly defaulted on the loans after the project encountered months of construction delays, multiple stop-work orders from the Department of Buildings and deteriorating safety conditions at the site, according to documents filed Oct. 22 in New York State Supreme Court. Mortgage Electronic Registration Systems, a firm that services the loan on behalf of Bank of America, is asking for a court-appointed receiver, and warning that the building could lose its existing base of tenants without “competent” supervision of the project. [more]

Shaun Osher (Source: New York House Magazine) and the Jasper

Core Group Marketing claims in court papers filed this week that the
developers of the stalled condominium conversion project Jasper are
personally liable for half a million dollars after an exclusive
marketing contract was terminated last fall. The sales and marketing firm led by CEO Shaun Osher alleges that
developers Harry Jeremias, Francisco Pujol and Henry Orlinsky owe the
firm a $500,000 termination fee after the marketing agreement was ended
in November 2008, court papers filed in Manhattan State Supreme Court
April 20 say. Development companies the Harch Group, led by Jeremias, and PHH Realty,
a partnership of Jeremias, Pujol and Orlinsky, joined forces to build
an 80-unit condo in a converted office building in Murray Hill at 114
East 32nd Street, between Park Avenue South and Lexington Avenue. [more]