Developer is facing two suits for defaulting on loans and rent
Dermot Company, the developer behind the long-mired redevelopment of the Battery Maritime Building in Lower Manhattan, is facing two lawsuits and threats of foreclosure.
The EB-5-focused New York City Regional Center, which provided Dermot with $77 million in loans in 2011, is threatening to foreclose on the landmarked property, Politico reported.
Earlier this month, the New York City Economic Development Corp, which owns the site, filed suit against the developer for allegedly defaulting on its rent for more than a year.
According to court documents, the Dermot affiliate that controls the 99-year lease-hold on the property owes the city more than $1.2 million.
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