High Line Residential Developer Sued Over $10M Default

Law360, New York (November 10, 2011, 3:01 PM EST) -- A development company for a residential property overlooking New York's High Line Park has defaulted on a $10.1 million loan, its creditor alleged in New York court Nov. 7.

NY Credit Funding I LLC filed suit asking to foreclose on the lot at 551 West 29th St., which overlooks the High Line.

The developer, High Line Group LLC, took out a two-year loan with NY Credit in June 2007 that among other things gave the creditor a priority mortgaged lien to the property, according to the...
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