Lehman Wins Foreclosure On NYC Building After $338M Default

Law360, New York (March 5, 2012, 6:37 PM EST) -- Lehman Brothers Holdings Inc. won a foreclosure judgment Monday against the owner of a luxury apartment building in downtown Manhattan, after the building defaulted on $338 million in loans.

New York Supreme Court Judge Emily J. Goodman signed off on a referee's report that had ruled in favor of a foreclosure judgment in a three-year-old suit against 25 Broad LLC and several mechanic's lien holders over the unpaid mortgage loans on a condominium building at 25 Broad St. in New York City.

Lehman hopes that the...
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