Bank Leumi filed to foreclose on Fortis Property Group’s $120 million land and construction financing at the troubled project at 161 Maiden Lane in Lower Manhattan. The suit was filed yesterday.
The project has been beset with challenges and in fact Fortis filed a suit recently against lender Bank Leumi.
For its part, the bank in October sought to sell the loan, and hired Newmark Knight Frank to market it.
Fortis is building a 60-story condominium tower at the site. The project is to have 80 residential units and a sellout price of $273 million, according to a filing with the New York State Attorney General.
In the complaint filed yesterday, the bank lists millions of dollars of construction liens.