NYC Tower's Lenders Freed From Condo Buyers' Claims

Law360, New York (January 28, 2013, 8:09 PM EST) -- Condo buyers and others who lent money to the developer of a troubled 50-story tower on Manhattan's Madison Square Park can't sue the original lender who gave the developer a $234 million mortgage or the mortgage's current holders, a New York state judge ruled Monday.

The tower, which is now owned by a joint venture of The Related Cos. LP, HFZ Capital Group and CIM Group LP known as One Madison FM LLC following the developer's bankruptcy, had gotten off the ground with iStar Financial Inc.'s...
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