Investors Sue Developer Over Botched $101M NYC Project

Law360, New York (October 19, 2012, 3:27 PM EDT) -- A pair of investors in a $101.5 million Manhattan residential project sued the developers in federal court on Thursday over allegedly misrepresenting the project, which went bust in 2011 and was sold at auction, leaving them empty-handed.

Queens residents Stephen Deng and Ruohong Jiang contend they are out a cumulative $330,000 due to misrepresentations and various misleading comments made by Kaish & Taub Development LLC and its various affiliates in the Gramercy Park area project. The complaint seeks $1.3 million in damages.

Claims in the suit...
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