Would-Be NYC Condo Owners Head To Ch. 11

Law360, New York (May 25, 2012, 2:01 PM EDT) -- The owners of more than 30 largely rent-controlled residential properties in Manhattan filed for prenegotiated bankruptcy Thursday after defaulting on a $204 million loan they borrowed in 2007 to convert the buildings into condominiums.

The debtors, a group of single-asset entities whose buildings are all located in the low 100s on Riverside Drive and near Central Park West, listed assets between $1 million and $10 million and liabilities between $100 million and $500 million. They defaulted on the loan while in the process of converting the buildings, in part because of high vacancies related to the repositioning, according to court filings....

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