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New York

Projects delayed due to Lehman loans

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The future of several commercial real estate projects is now uncertain because of loans their developers obtained from now-bankrupt Lehman Brothers. Among the projects are the Nobu Hotel at 50 Broad Street, Kent Swig’s condominium conversion at 25 Broad Street, and RFR Holdings’ Shangri-La Hotel project at 610 Lexington Avenue. Swig has a $37.7 million mortgage with Lehman, and now can’t draw on the loan to pay contractors and others working on the project.