Pursuits
Lehman Asks Judge to Approve Completion of NYC Condo Project
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Lehman Brothers Holdings Inc. asked the judge in charge of its bankruptcy to allow for the completion of a stalled Manhattan condominium project that the firm plans to foreclose on, according to a court filing.
New York-based Lehman is seeking to invest $25 million in two adjacent properties, including 25 Broad St., a condo conversion project in lower Manhattan by developer Kent Swig. The outstanding balance on the building’s loans is about $399.6 million and the developer has defaulted on payments, according to the filing yesterday with the U.S. Bankruptcy Court in Manhattan. The second property is a development parcel at 45 Broad St. that Lehman wants to foreclose on and sell, the court filing said.