Brooklyn Developers Face $50M Suit Over Soured Deal

Law360, New York (July 10, 2012, 8:43 PM ET) -- A New York real estate developer launched a $50 million suit Monday against the owners of Sky Lofts LLC and S&Y Enterprises LLC, claiming they reneged on a deal to sell two prime properties for $21 million despite agreements made during the owners' bankruptcy proceedings.

Princeton Bedford LLC and Bedford JV LLC sued Yehuda and Ruthe Backer on Monday, after the two made a secret deal to sell two properties to a competing bidder despite a contractual promise to sell the lots to Bedford JV, for...
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