Extell, Carlyle Must Pay $5.8M Interest On Condo Refunds

Law360, New York (May 24, 2013, 1:46 PM EDT) -- A New York state judge Wednesday ordered a joint venture of Carlyle Realty Partners and Extell Development Co. to cough up $5.8 million in unpaid interest to a group of prospective luxury condominium buyers whose down payments had been held in escrow for years.

Judge Anil C. Singh ruled from the bench that CRP/Extell Parcel I LP must pay the interest for a period that ran from September 2008 to December 2012, when the down payments were returned to a group of about 41 prospective condominium...
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