Armstrong Capital President Benjamin Ringel, currently facing foreclosure on his Hamptons mansion, is now up against a lawsuit for allegedly defaulting on a $16.3 million loan balance backed by a Food Emporium site on Manhattan’s Upper West Side. Miami Beach-based special servicer LNR on August 6 filed suit in New York State Supreme Court, alleging Ringel defaulted on the loan in January 2008.
Lehman Brothers made the original $18 million loan in 2005 for the site, a 20,800-square-foot retail space at the New West Condo, a 21-story building with 185 apartments at 250 West 90th Street. As The Real Deal previously reported, the retail site was named in a December 2010 Trepp delinquency list, which noted that a workout was being discussed. [more]