Receiver Appointed In NY Office Building Foreclosure Suit

Law360, New York (February 21, 2012, 5:10 PM EST) -- A New York state judge on Friday appointed a receiver for a 12-story downtown Manhattan office building, declining to dismiss East West Bank's foreclosure suit against its owners, who are allegedly in default on a $35 million mortgage.

Judge Barbara Kapnick said the suit against a holding company affiliated with real estate investment company Triangle Assets must proceed, and granted mortgage lender East West Bank's request to appoint a receiver of rents.

East West Bank claims the holding company, on top of failing to make its...
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