Courts roundup: Happy Living owner files bankruptcy; Maddd seeks to enforce $75M contract

Happy Living developer files for personal bankruptcy: Levi Balkany, the leader of the Brooklyn-based development firm Happy Living Development, filed for personal bankruptcy under Chapter 7, citing assets of less than $50,000 and liabilities of at least $100 million. His creditors include entities tied to Madison Realty Capital, which lent to him on 300 West 122nd Street and Arena Investors, which took over a project from Happy Living at 308 West 133rd Street. LINK

Maddd Equities seeks to enforce $75M contract: Maddd Equities alleges it had a contract to buy two development sites from a Bronx elevator company, but that the elevator company only signed the contract increased from $75 million to $100 million, so it could increase its value for a partial interest acquisition of the company by the huge Canadian pension fund. The parcels are 50 East 153rd Street and 585 Gerard Avenue in Concourse, the Bronx. According to the complaint, “Between approximately June 30, 2018 and the present date, Defendants made a representation of a material fact to Plaintiff, to wit: that the Defendants would convey title to the Real Properties to Plaintiff for the sum of $75,000,000… Between approximately July 1, 2021 and July 21, 2021, Defendants made a representation of a material fact to Plaintiff, to wit: that as long as Plaintiff was willing to pay $100,000,000 for the purchase of the Real Properties, that the Defendants would convey title to the Real Properties to Plaintiff on or about February 15, 2022.” LINK

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