D&D landlord temporarily halts $544 million foreclosure [Yahoo! Finance]
SOFTBANK GRP UNSP/ADR (SFTBY)
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Source: Yahoo! Finance
centers in New York, Houston, Los Angeles and Dania Beach, Florida, has managed to stave off a $544 million foreclosure —for the time being, at least. A New York Supreme Court judge ruled that the foreclosure would not be “commercially reasonable” under the state's Uniform Commercial Code. The suit, which was brought by lender Fortress Investment Group in March, alleged that the real estate executive defaulted on debt tied to seven properties, including the Design Center of the Americas in Florida. The legal action came after Cohen Brothers had already fallen delinquent last summer on $635 million in loans backed by its New York properties, including the Decoration & Design Building. In April, Cohen moved to have the suit dismissed, alleging that his company had reached a loan modification agreement with Fortress in December. As part of that arrangement, he agreed to put up 49 percent of his interest in the D&D Building and the Manhattan office building 3 Park Avenue as collateral
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