NY Appeals Court Bars Sale Of 14 Manhattan Properties

Law360, New York (September 2, 2011, 6:32 PM EDT) -- A New York appeals court temporarily halted the sale of 14 midtown Manhattan buildings Thursday while real estate developers Princeton Holdings LLC and Broadsmoore Group LLC battle over a $112.5 million joint venture in arbitration.

A five-judge panel for the Appellate Division of New York Supreme Court issued a preliminary injunction preventing Broadsmoore and its chairman, Michael Ring, from transferring or encumbering their tenancy-in-common or equity stakes in 14 properties.

The injunction is conditional on the appeal being fully submitted by October to be heard by...
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