Anglo in new action over Manhattan property loan
Published 27/01/2010 | 05:00
Nationalised lender Anglo Irish Bank is taking further legal action over loans given to purchase property in Manhattan, where it continues to maintain an office.
The bank is the plaintiff in a legal action against a company called West 109th Street, which is backed by a company called Starlight Investments Limited.
Anglo claims that the loan involved, worth $8.3m (e5.9m), is now in default and it wants to foreclose on the loan and the accompanying security.
It says several payments have been missed and it now has the power under the loan agreement to call in the entire loan. Legal papers were lodged in recent days in a New York court. A number of creditors of West 109th are also mentioned in the claim by Anglo.
As reported by the Irish Independent recently, Anglo is seeking repayment of a large number of loans for property in the New York area.
It is taking legal action against one of the world's most famous musical partnerships in a row over a $45m loan for a building in Manhattan.
Anglo has named a division of Rodgers and Hammerstein as a defendant in an action over missed payments on the loan which was originally agreed in May 2007.