Struggling Developer Can’t Stop Manhattan Foreclosures

Law360, New York (February 16, 2012, 7:32 PM EST) -- A New York state judge has denied a request to stay foreclosure proceedings on a midtown Manhattan property owned by Alexico Group, an embattled real estate company facing multimillion-dollar debts and several other foreclosures, according to an order filed Thursday.

The New York Supreme Court order allows Bank of America NA to continue its foreclosure of two loans, totaling more than $30 million, on a five-lot property where Alexico had planned to to build a luxury rental building, called The Oliver.

Alexico's principals, Simon Elias and...
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