Funds Talk: March 2017
Debt Dialogue: February 2017
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On Jan. 4, 2017, Kramer Levin won a $24 million judgment against the developers of a supertall tower in Sutton Place.
Kramer Levin’s client, Gamma Real Estate, had loaned the developers funds to erect a 1,000-foot-tall, ultra-luxury condominium tower on 58th Street in Manhattan. The developers failed to repay, and tried to frustrate collection by causing the borrower entities to file bankruptcy petitions.
Kramer Levin persuaded a New York County Supreme Court Commercial Division Justice that this misconduct by the developers triggered individual “bad boy” guarantees. Kramer Levin successfully moved for summary judgment, showing that the developers had no defenses and are personally obligated to pay Gamma $24 million.
This summary judgment win was reported in the press and follows a string of victories that Kramer Levin has obtained for Gamma. In two other proceedings, Kramer Levin has defeated multiple claims and requests for relief by the tower’s now-former developers.
Gamma Real Estate was represented in the $24 million guaranty litigation by Litigation partner Ronald S. Greenberg and associates Scott Ruskay-Kidd, Jeffrey Dunlap and Daniel Lennard. The litigation effort was assisted by paralegal Michelle Lam.