Sapir had filed a lawsuit on August 7 against Green and Gramercy that was subsequently withdrawn. According to the court documents, Sapir charged that both Green and Gramercy "deliberately prevented plaintiffs (Sapir) from satisfying the conditions precedent to an extension of the maturity date so they can rely on such failure in denying plaintiffs (Sapir) request to extend the maturity date and thereby seize the buildings for themselves."
Sources tell GlobeSt.com that the two lenders reached a fairly quick agreement that S.L. Green would take over the building's leasing and management in concert with the fact the loan was going into special services.
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