Anglo Irish Bank has been granted the right to foreclose on a development by New York's 'condo king', Yair Levy.
Court documents filed last week show Anglo will be allowed to sell the 303-unit condo conversion at Rector Square in Battery Park City, according to business news service Crain's.
YL Real Estate Developers, Levy's company, defaulted on its $165m mortgage on Rector Square last year. YL claimed Anglo did not comply with its loan obligations, which stalled the condo conversion, and sought at least $23m in damages. Anglo argued that the developer filed its complaint merely to delay foreclosure.
According to Crain's, the Supreme Court of the State of New York ruled that "the foreclosure motion brought by Anglo Irish Bank is granted in its entirety, including the motion to foreclosure and sell the premises".