Wednesday, March 30, 2016

Still going for the long con

This one nagging thing about the WTC redevelopment keeps popping up.
Investors who lost a bid to redevelop the World Trade Center building filed a lawsuit last week against the real estate consultants who advised city leaders in picking a Four Seasons hotel and condo proposal for the vacant tower.

Two Canal Street Investors argue in the lawsuit filed March 23 that the city's consultants made errors in analyzing five competing hotel proposals and skewed the offers in favor of the Four Seasons plan to manipulate the process.
This is an addition to a suit filed last year by the same plaintiff. It isn't likely to succeed. But it does have to potential to generate some sort of settlement before Four Seasons is allowed to proceed with the project.  And any settlement amount greater than  $10 will be a windfall for the con artist who bought Two Canal Investors just prior to the litigation.

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