Developer Sues Lenders Over Failed NYC Hotel Financing

Law360, Chicago (June 15, 2012, 7:27 PM EDT) -- Real estate developer Hazak Associates LLC sued two lenders and its co-investor in 241 Fifth Ave. Hotel LLC in New York on Thursday, alleging they owe at least $40 million for financing interference that sent the property into foreclosure last year.

According to the suit in state court, Hazak and defendant Beshmada LLC each hold a 50 percent interest in co-plaintiff 241 Fifth, which owned the parcel of real estate at 241 Fifth Ave. near W. 28th St. in New York City, just north of Madison...
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