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Developer Sues Lender Over Hotel Foreclosure | Real Estate News
Developer Sharif El-Gamal is fighting back against a $90 million claim from lender Arden Group, accusing them of rigging a foreclosure auction of the Margaritaville Hotel in Times Square to steal over $100 million in value. The dispute stems from a $57 million loan made in 2021 when the hotel was valued at $260 million — now worth far less due to pandemic setbacks and cost overruns. El-Gamal alleges Arden’s principal, Greg Denton, harbored personal animosity toward him, even reportedly seeking a buyer who “hates Sharif so much he’s considering buying our loan just to fuck with him.” The…
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