There is a battle for control over Luther Forest Technology Campus, which came to surface after the state’s economic development agency began an attempt to foreclose on the site and take over the entity in charge of it. This is a 1,440 acre site in Saratoga county, home to a massive $4.2 billion computer chip [...]
According to a new rule implemented by New York court’s chief judge every lawyer who handles a foreclosure must sign a form verifying that all paperwork in the case is accurate. This move comes after the nationwide robo-signing accusations about mortgage lenders to cut corners on paperwork and legal procedure as they foreclosed million of [...]
According to the most recent report published by the New York Banking Department the number of issued notice of lis pendens are on the rise in several areas of New York. The starting period of the tracking was February and the report ends with May 2010. Some of the areas that posted increases were Queens, [...]
Andrew Cuomo, New York State Attorney General demanded more information on foreclosures from JPMorgan Chase, Bank of America, Wells Fargo and GMAC Mortgage or Ally Financial and called for the suspension of robo-signing documents. According to Cuomo’s recent statement he wants mortgage servicers to submit documents and any relevant information on how they prepare, verify, [...]
The senior lender for the luxury 10 Rittenhouse Square condo project is seeking to foreclose on it and place the 33-story Center City high-rise in receivership. The New York-based lender Istar Tara LLC which had a $251 million in two loans tied up in the building signed by Robert A.M. Stern, has filed a lawsuit [...]
Western New York registered a decline in personal and business bankruptcies for another month in August, which gives a possible sign for improved economic conditions for both consumers and companies. There were 465 bankruptcy cases filed in the Buffalo division and 284 in the Rochester division in August, according to statistics from the US Bankruptcy [...]
Commercial real estate fundamentals still feel the recession and lack clear signs of near-term improvement. This lead investors to focus on core assets and proven markets, according to Real Estate Investor Survey’s. The New York report shows an improved lending environment with string appetites from both debt and equity capital for quality real estate assets. [...]
