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Alexandria vs NYC Over Life Sciences Project | Real Estate News
Alexandria Real Estate faces a potential $183 million loss on its Kips Bay life sciences project, locked in a two-year legal battle with New York City over construction delays and payments tied to a post-Sandy sea wall. After their initial lawsuit was dismissed, the city has now issued a default notice, alleging Alexandria failed to submit required financial docs and missed deadlines on the third building. Alexandria counters that the city is trying to force them out by inflating taxes and devaluing their lease — while appealing the default, they’re also navigating a struggling NYC life…
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