Sunday, August 3, 2008

Foreclosure fallout from crane fall

The developer of a high-rise apartment house on the East Side of Manhattan where a construction crane collapsed in March, killing seven people, now faces foreclosure and the loss of the entire property.

Where Crane Fell, Foreclosure Looms

All work on the concrete hulk of what would have been a sleek 43-story tower at 303 East 51st Street ceased after the accident more than four months ago. City officials rejected the developer’s revised construction plans in June and revoked his building permit.

On July 25, the developer’s lender, Arbor Realty Funding L.L.C., began a foreclosure action in State Supreme Court in Manhattan against the developer, James P. Kennelly, for failure to repay $70.4 million in overdue project loans. Arbor is seeking to sell the property to satisfy the loans.

2 comments:

Taxpayer said...

The developer violates the code and builds far beyond what's legal. The developer brings in the killer crane and, lo and behold, it kills.

So, now he gets foreclosed.

Screw him anyway.

He will now seek, and probably get, relief from foreclosure by his partner in the killing, Commissar Death and Taxes.

Without hesitation, the Commissar will stick his bloody hand into our pockets, taking food off the table, tuition money, money for clothing, shelter, insurance, so that his killer cronies won't suffer for their crimes. He'll even steal the money for the infants. We all know how much he hates actual, living infants. Remember what he told the pregnant Bloomberg employee: "Kill it", when he discovered she had the impudence to be pregnant in his employ, without asking for or getting his permission.

We will pay for the killing, the foreclosure, and the lawsuits to follow. Commissar and his pals will say: "whatever", and fly off hand-in-hand to Bermuda.

Anonymous said...

maybe the developer should have followed the rules and they wouldn't be in this bind