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]