Solow Ordered To Pay Citibank $100M Over Project Loan

Law360, New York (February 23, 2012, 2:21 PM EST) -- A New York appeals court on Thursday upheld a nearly $100 million judgment against real estate mogul Sheldon Solow over loans that weren't fully repaid to Citibank NA for a development project on Manhattan's East River shoreline.

Citibank loaned the prominent developer $503 million in 2004 to buy up and develop land along the East River in Manhattan south of the United Nations building. The bank said Solow had to post collateral, including cash, bonds and other securities, that had to retain a certain value to...
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