A Manhattan Supreme Court judge expanded the authority of a court-appointed receiver to allow the fiduciary to re-launch construction at the long-stalled Allen Street Hotel project, The Real Deal has learned.
Posts Tagged ‘maverick real estate partners’
A five-judge appellate court panel ruled unanimously in favor of Maverick Real Estate Partners, which fought a three-year legal battle to foreclose on DAB Group’s stalled Allen Street hotel project on the Lower East Side, according to lawyers for the plaintiff.
Maverick, a distressed asset specialist led by David Aviram and Ted Martell, originally acquired a defaulted $5.5 million loan from Brooklyn Federal Savings Bank in 2011, and filed the suit to foreclose after brokers were unable to sell the stalled 16-story project. [more]
The lender to the original developer of a long-gestating hotel project on the Lower East Side is seeking a time extension to finish up, the Lo-Down reported.
While many slow-moving hotel projects in the neighborhood have recently picked up pace, this incomplete 16-story development — known as the Allen Street Hotel and originally developed by DAB Group — remains stuck. [more]
DAB Group is facing a foreclosure suit at its stalled 16-story Allen Street
Hotel project on the Lower East Side, after the loan was acquired by
Manhattan-based Maverick Real Estate Partners.
Maverick acquired a $5.5 million note from Brooklyn Federal Savings Bank,
after DAB, a Valley Stream, N.Y.-based developer, allegedly went into
default, according to the complaint filed July 1 in Manhattan Supreme Court.
The loan had an initial due date of June 1, 2008, with an optional extension
to December 2008. In August 2008, DAB received an extension until Sept.
1, 2009, with three six-month extensions, until March 1, 2011. … [more]