alt="alternate text">Peter Duncan, president of George Comfort, and 119 West 40th Street (building photo source: PropertyShark)
L.H. Charney Associates and George Comfort & Sons have reached an agreement with lenders on a deal that would save their struggling office tower at 119 West 40th Street from going into receivership.
High-level sources familiar with the negotiations say they have reached an agreement to settle a lawsuit by mezzanine lender Wein & Malkin and are finishing up a deal with their senior mortgage lenders.
“It’s done,” Leon Charney, chief executive of L.H. Charney, confirmed to The Real Deal, in a brief telephone interview.
On Oct. 16, W&M, now called Malkin Properties, filed suit against Charney, George Comfort President Peter Duncan and Fortis Property principals Joel and Margaret Kestenbaum alleging they defaulted on a $22.25 million mezzanine loan with the original mezzanine lenders, Wachovia Bank and Greenwich Capital, who issued the loan in April 2007. [more]
