Uptown Partners files for Chapter 11

In addition to the Water Street Realty Group, Harlem developer Uptown
Partners has filed for bankruptcy protection today. According to the filing,
the developer owes about $1.1 million to Jay Furman, Capital One Bank
and Commerce Bank. The firm co-developed Fifth on the Park, a new 28-story
condo at 1485 Fifth Avenue at 120th Street, and the Lenox, at 380 Lenox
Avenue at 130th Street. Lewis Futterman, co-founder of Uptown
Properties, said the bankruptcy filing has nothing to do with its
newest property, Fifth on the Park, where 98 of 160 units are in
contract.

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