NY Developer's Mezz Loan Woes Can't Delay Condo Auction

Law360, New York (March 20, 2012, 3:08 PM EDT) -- A New York state judge refused Tuesday to block the auction of an 11-story residential building in the Riverdale section of the Bronx despite a developer's allegations that a mezzanine lender owed him $20 million from the building's construction.

Judge Jeffrey K. Oing vacated a previous temporary restraining order, and found that the Riverdale building's developer was in default.

The judge said that there wasn't a "sufficient basis in the record to issue a preliminary injunction" to halt an auction of the property, scheduled for Wednesday....
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