Creditors’ Rights Department Scores Unanimous First Department Win In Foreclosure Action Against Steven Croman

In a highly litigated foreclosure of a $25,000,000 commercial mortgage, Bankruptcy and Creditors’ Rights partners Steven Newman and Robert Abrams obtain First Department Order unanimously affirming Orders granting the foreclosing lender summary judgment and a judgment of foreclosure and sale which, among other things, rejected the defense of Steven Croman, a well-known Manhattan real estate owner, that the lender acted in bad faith in rejecting a claimed cure of borrower’s defaults after the debt was duly accelerated. The First Department’s Order, the Decision + Order on Motion Granting Summary Judgment, and the Amended Judgment of Foreclosure and Sale and Decision + Order on Motion can be reviewed by clicking each of the respective links above.