Judge Values Defaulted NYC Apartment Building At $91.7M

Law360, New York (March 22, 2012, 7:27 PM EDT) -- A bankruptcy court judge ruled Tuesday that a vacant 43-story glass-clad condominium in Manhattan is worth $91.7 million as a rental building, leaning closer towards the former owners' valuation of the property than to that of the current note holder.

After five days of evidentiary hearings, the judge concluded the building was closer in value to the $103 million proposed by Kevin and Donal O'Sullivan, its developers and principal owners of 785 Partners LLC, than to a $70.3 million value proposed by a real estate investment...
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