Bank Pushes For Receivership On Manhattan Building

Law360, New York (December 14, 2011, 7:25 PM EST) -- An attorney for East West Bank asked a New York state judge Wednesday to appoint a receiver on a 12-story downtown Manhattan office building because the borrowers on a $35 million mortgage haven't been making mortgage payments or paying real estate taxes.

Helen Gavaris of Loeb & Loeb LLP, who represents the bank foreclosing on the building, told Judge Barbara Kapnick during a hearing that the borrowers had clearly breached their agreement to make mortgage payments and pay for real estate taxes. The building at 130...
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