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A realty corporation which sold a Madison Avenue property for around $200 million allegedly withheld a portion of 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, the complaint states. Baker is represented by Ronald Colicchio of Saul Ewing.
Real Estate
December 21, 2023, 8:48 AM