The commercial properties owned by Cohen Realty Enterprises, including a pair of prominent movie theater chains, will go up for auction on Nov. 8.
According to a Deadline report, Fortress Credit Corp. sued Cohen earlier this year for defaulting on a large loan backed by its properties. The company owns the Landmark theater chain in the US and the Curzon cinemas in the UK.
A New York State Supreme Court judge set the auction date for Cohen’s properties, which also include a design center, office tower and hotel – which were used as collateral on $534 million in loans from Fortress. If the auction proceeds as scheduled, it will be one of the largest Uniform Commercial Code claims in New York real estate history.
Judge Joel M. Cohen (who is not related to the company owner Charles Cohen) agreed to the auction after previously denying an earlier petition by Fortress filed in June. Fortress resubmitted its request in July while denying Cohen’s renewed request for a preliminary injunction. The November date was set in order to give the parties time to agree on a loan restructuring agreement.
Photo: Curzon
;
