Just a week before a looming deadline for the first closing at the
luxury condominium conversion project at 45 John Street in the
Financial District, the lender sued the developer for $51.7 million in
defaulted loans at the project, court papers say. The developer, Midtown-based Manhattan Capital, and its partner, a
subsidiary of Deutsche Bank known as RREEF Global Opportunities Fund,
were converting the 14-story loft building at John and Dutch streets
into 84 luxury one- and two-bedroom units. Lender Bayerische Landesbank, a German bank, filed suit in New York
State Supreme Court June 22 to foreclose on the note, court papers say,
claiming the developer had missed payments beginning in February. [more]

Developer Harry Jeremias, who is fighting a foreclosure proceeding at
his Jasper condominium conversion, is facing a $500,000 lawsuit
alleging he failed to pay rent at his 200 West 57th Street office. The plaintiff, Jeffrey Management Corp., filed a breach of contract
suit in state Supreme Court in Manhattan alleging that Jeremias failed
to pay more than $92,700 in back rent. Jeremias’ firm, the Harch Realty
Group, is named as a defendant as well. Including the $92,700, the plaintiff is asking for more than $544,000
in commissions, legal fees, advertising costs as well as the costs to
prepare the space for a new tenant. Jeremias guaranteed all payments
under the lease agreement, according to the suit. [more]