GE OK'd To Foreclose On $36M Manhattan Building Loan

Law360, New York (November 18, 2011, 6:45 PM EST) -- A New York state judge on Friday granted lender GE Business Financial Services Inc. permission to go ahead with a foreclosure against borrowers of $35.9 million in financing to buy and then renovate a Manhattan apartment building.

Judge Saliann Scarpulla granted GE Business, formerly Merrill Lynch Capital, summary judgment for foreclosure claims on borrowers looking to renovate and rent out a 16-story residential apartment on the city's Upper West Side.

The court will now appoint a referee to decide how much the borrowers, which are named as 166 West 75th Street...
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