Stein Adler Obtains Emergency Relief to Protect Developer’s $1.3 Million in Property Sale Proceeds

The Stein Adler team including Noam Besdin and Adina Levine recently secured emergency relief on behalf of a real estate developer seeking to protect its interest in the proceeds from the sale of a Brooklyn property.

After investing millions of dollars in the project, the client learned that the sale of the property had generated more than $10 million in proceeds but, according to the lawsuit, none of those funds were distributed to the client even while payments were being made to affiliates of the property’s minority owner.

Concerned that the remaining $1.3 million in proceeds could be further depleted, Stein Adler moved swiftly for emergency relief and obtained a Temporary Restraining Order preserving the remaining proceeds pending litigation. The firm subsequently defeated an effort by the minority owner to vacate the TRO.

When significant assets are at risk, timing matters. Stein Adler’s prompt action ensured that the remaining proceeds would still be there when the parties’ claims are ultimately resolved.

We’re here to help. Stein Adler regularly represents developers and property owners in real estate disputes. If you are dealing with a claim or potential exposure, contact us today at info@steinadlerlaw.com.