The Real Deal New York

JPMorgan sues to halt transfer of $19M Time Warner condo

NYT investigation linked Indian developer Kabul Chawla to the pad
April 30, 2015 11:40AM

JPMorgan Chase is suing to prevent an Indian developer from transferring the ownership his $19.4 million apartment at the Time Warner Center.

JPMorgan is trying to seize the apartment at Related Companies’ 25 Columbus Circle, according to the New York Times, as a payment toward a $90 million award. The developer in question, however, claims he doesn’t even own the unit. A Delaware-based shell company by the name NYC Real Estate Opportunities, which has a Singapore address, owns the pad on the 68th floor of the tower, the newspaper reported.

The newspaper found that New Delhi businessman Kabul Chawla is the owner of the pad. Indian consumers have launched complaints against Chawla, according to the Times, claiming he failed to complete residential projects cashing in large deposits. Chawla’s companies owe $90 million to JPMorgan subsidiary Harbour Victoria Investment Holdings, according to an arbitration panel in London, the newspaper reported.

JPMorgan filed the suit following a five-part investigation by the newspaper about shell companies that hide the true identities of wealthy owners of New York City real estate. [NYT] — Claire Moses