Anglo Irish Fights New York Tycoon; Bank Battles 'Condo King' in Court for K165m

Daily Mail (London), September 7, 2009 | Go to article overview
Save to active project

Anglo Irish Fights New York Tycoon; Bank Battles 'Condo King' in Court for K165m


Byline: Joe Downes

ANGLO Irish Bank is seeking to repossess a Manhattan apartment block from a developer called New York's 'condo king'.

The nationalised Irish lender is trying to get back the E165million it lent for the development.

Its U.S. subsidiary has gone to the New York courts to take possession of 225 Rector Place from a company, YL Rector Street LLC, controlled by developer Yair Levy.

The controversial Israeli-American tycoon was in court earlier this year accused of seriously assaulting a business partner with an ice bucket. He faces a possible jail term as his property empire collapses.

To add to his troubles, Anglo Irish has applied to the New York State Supreme Court to complete foreclosure on the Manhattan complex. It wants to auction off the building.

Mr Levy borrowed the cash from Anglo Irish to finance plans to gut the 11-storey building and remake it into a luxury apartment complex and lease the lobby to high-fashion and jewellery retailers.

The property, which is in the Battery Park area of New York and is worth about $90million (e62m), was supposed to be renovated by last Christmas but Mr Levy's company ran into serious financial problems in the wake of the collapse of Lehman Brothers and the credit crisis of last year, leaving the building an incomplete shell today.

It also leaves over a dozen wealthy New Yorkers badly out of pocket after they paid hundreds of thousands of dollars in deposits for their apartments, many of which had been presold for up to $1million each.

Mr Levy founded YL Real Estate Developers 30 years ago. The firm which specialises in investing and developing properties at high-end addresses made Mr Levy a multi-millionaire.

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
Loading One moment ...
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited article

Anglo Irish Fights New York Tycoon; Bank Battles 'Condo King' in Court for K165m
Settings

Settings

Typeface
Text size Smaller Larger
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

While we understand printed pages are helpful to our users, this limitation is necessary to help protect our publishers' copyrighted material and prevent its unlawful distribution. We are sorry for any inconvenience.
Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.

Are you sure you want to delete this highlight?