Posted Aug 30, 2017, 4:16 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,869
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Looks like the JDS Squeeze play is on...
https://therealdeal.com/2017/08/30/i...-court-ruling/
Investor in 111 West 57th Street may lose stake after court ruling
Ambase failed to stop a strict foreclosure from going forward
August 30, 2017
Quote:
A judge struck down Ambase Corporation’s bid to block a strict foreclosure on the Midtown luxury condo development 111 West 57th Street Tuesday, meaning the investor’s stake in the project may soon get wiped out.
.....Ambase alleges that developers Michael Stern, of JDS Development Group, and Property Markets Group CEO Kevin Maloney are in cahoots with Spruce and plan to use the foreclosure to get Ambase out of the project.
The 1,418-foot tall tower has a projected sellout of $1.45 billion. The first units recently went into contract.
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