NY Developer Sues Over Wall Street Tower Conversion

Law360, New York (December 19, 2011, 7:04 PM EST) -- A New York City developer sued three South Korean banks Monday over the planned $205 million sale of a Wall Street office tower, saying they failed to pay breakup fees and other costs when they sold it to a condo developer.

Sciame Development Inc. says the project’s backers, led by Korea’s Kumho Investment Bank, owe $7.7 million in agreed-upon fees because they sold the building — once the home of troubled insurer American International Group Inc. — before the planned redevelopment began, according to the complaint,...
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