Lawyers appointed by judges to be receivers of distressed properties typically earn 5 percent of the building’s revenue until the property changes hands. And according to the New York Times, New York City judges are increasingly selecting politically connected lawyers to earn that income. Mark Lebow, the husband of Mayor Michael Bloomberg’s aide Patricia Harris, was awarded receivership of 576 Fifth Avenue, and has earned $352,00 in fees, or $5,000 a week. Other notable receivers include Paul Vallone, of a powerful Queens political family, Howard Vargas, former commissioner of the Taxi and Limousine Commission and Marc Landis, a member of Attorney General Eric Scheiderman’s transition team. The father of former mayoral candidate William Thompson, Jr. was also chosen to steward six distressed properties, as was Dominick Calderoni, a law partner of State Senator Jeffrey Klein. [more]
Posts Tagged ‘seymour boyers’
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Fitch Ratings downgraded another series of commercial real estate loans, driven in part by concerns that the troubled Riverton Houses apartment complex in Harlem would incur a “significant loss upon liquidation” based on a recent appraisal report. Wells Fargo, the trustee of the Riverton loan, filed a motion last month in New York State Supreme Court for a summary judgment against developer Laurence Gluck of Stellar Management, who defaulted on a $225 million loan and was thus far unable to arrange a workout with his lenders. Sources close to the case said a hearing is scheduled for tomorrow to determine whether to order a judgment against the developer. If such an order is issued, a referee would be appointed to determine the total amount due and what steps would be taken to place the property up for sale and collect on any personal guarantees. [more]
