A federal judge has rejected a lawsuit filed by JPMorgan Chase to prevent an Indian developer from transferring the ownership of his $19.4 million apartment at the Time Warner Center.
JPMorgan hoped to seize the apartment at Related Companies’ 25 Columbus Circle as a payment toward a $90 million award against Kabul Chawla, according to the New York Times.
The condo is registered under the name NYC Real Estate Opportunities, a Delaware company with a Singapore address. But a Times series on the use of shell companies in the building revealed that Kabul Chawla is likely the owner of the five-bedroom unit.
Initially a Manhattan state court judge issued a temporary order prohibiting the sale of the unit, but a federal court judge has now ruled against JPMorgan’s efforts. The judge ruled that there was insufficient evidence to link the condo to Chawla. [NYT] – Christopher Cameron