Midtown W. | 507 West 42nd St. | 431ft | 131m | 39 fl | Pro

On the same day that Gotham showed this loan to RBA, RBA said it would terminate the agreement between the companies, the suit says.

Gotham argues in the suit that Born’s company had no reason to end their agreement and thus owes Gotham a breakup fee of $2 million, along with a reimbursement of all development fees and expenses Gotham incurred while working on the project over the preceding two years. The company is demanding at least $4.5 million in damages overall.

RBA has refused to reimburse Gotham or pay them a breakup fee, instead claiming that Gotham did not give it a “conforming loan” under the terms of their agreement, the suit says.

Click to expand...