Loan Foreclosure Suit Over NYC Hotel Project Advances

Law360, New York (February 27, 2014, 9:58 PM EST) -- A New York appellate court has cleared the way for foreclosure on two loans for DAB Group LLC's stalled hotel project in Mahattan's Lower East Side, throwing out a trial court decision renewing DAB’s counterclaims over a bank's misrepresentation on extending the loans' maturity.

Orchard Hotel LLC — a subsidiary of Manhattan-based Maverick Real Estate Partners LLC, led by David Aviram and Ted Martell — filed suit in 2011 seeking to foreclose on two defaulted commercial building loans for the property at 139 Orchard St. in...
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