Capital One Sues To Seize NY Condo, Citing $53M Default

Law360, New York (April 27, 2012, 9:24 PM EDT) -- Capital One NA on Friday sued to take over luxe lower Manhattan condominium tower Fifty Franklin, claiming developer Marshall Weisman had defaulted on $52.9 million in loans.

The bank says Weisman, who heads W Developers, owes $1.5 million in currently outstanding principal on Fifty Franklin, an 18-story residential building on Manhattan's Franklin Street.

Built after Weisman took out $17 million in land loans and $35.9 million in construction-related loans, Fifty Franklin is a 72-unit, modern building in a neighborhood that real estate developers have dubbed “Chibeca”...
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