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Judge backs SL Green in 485 Lex. lawsuit

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Judge backs SL Green in 485 Lex. lawsuit


A New York State Supreme Court judge threw out most of the legal claims raised in a breach of contract lawsuit filed by a frustrated buyer that was blocked earlier this year from closing on a minority stake in SL Green Realty's Midtown office tower at 485 Lexington Avenue. The would-be buyer, a partnership called Mazal 485 created by the firms Optibase and Gilmore International, sought to buy a 49.5 percent share in the building for $547 per square foot, but were blocked because the lender would not give approval by a specific contract deadline, court records say. The price was reportedly $504 million. Mazal claims it was unreasonably prohibited from completing the deal, and filed a lawsuit against SL Green and several of its subsidiaries in February claiming breach of contract and breach of covenant of good faith and fair dealing. [more]


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