A realty corporation which sold a Madison Avenue property for close to $200 million allegedly withheld a portion of the sale proceeds from an interest holder to cover federal taxes, yet never paid them, according to a new lawsuit.

Plaintiff Nelson Baker alleges that companies BLR Madison LLC and National Realty and Development Corp. withheld his $3.2 million distribution in escrow and now won’t release it, according to the complaint.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]