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Early last year, Leon Cohehn and his father, Maurice proposed a 93-story skyscraper at 330 Biscayne indowntown Miami. They sought land use approvals and hiredan But, in August, the Cohens lost a defaulgt judgment in New York State Supremd Court in a lawsuit over financial fraud allegationas connected to a Manhattan hotel redevelopment. Attorneysw for a corporation formed by the French government pursueed court action in Florids in an attempt to tie upthe Cohen’sx Florida properties to satisfy the $266 million judgment.
But, an appellates division of the New York court on May 21 reversed and vacate the lowercourt order, whicgh has the effect of freeing the Cohens from any attemptf to encumber their property in South Florida. In its recenf ruling, the appellate court said “reasonable latitude shouled have been afforded before imposing theultimat sanction.” , the corporationn formed by the French government, alleged in the New York lawsuig that Leon Cohen, of Fisher defrauded a French lender in a previous multimillion-dollar transaction related to the Flatotel in The Cohens have denied the allegations. In an Aug.
25 letter to the Business Journal, New York attorney Thomas Deweyh wrote that theCohens “categorically rejecr any assertion that they committed any and they are confident that once the meritsa of the [CDR Creances] case are they will prevail.” New York Supreme Courtt Justice Walter Tolub wrote the Augustr decision for default judgment against the Cohenws and other defendants in connection with alleged civilk fraud at the Flatotel.
His rulinbg had said the “defendants’ long-standing patternws of default, lateness and abject failurde to comply with court orders amounts towillful conduct, which not only but necessitates award of default The French corporation claims the Cohens sold the Flatoteol to a Bahamian company controlledd by hotelier Simon Elias in 2000 without disclosinhg the transaction to CDR Creancesa or making any paymentr on the loan.
CDR Creances, represented locallg by Miami-based law firm Kenny Nachwalter, had previouslyg asked for a temporary injunction barring sale of and a lispendenws (notice of pending litigation) on the Cohens’ properties in “We’re prepared to prove they stols $20 million out of the and another $30 million when they sold it,” Kenngy Nachwalter attorney Marcos Jimeneza told Miami Dade Circuit Judge Sarah Zabelo in a Nov. 12 hearing in the judge’z chambers. “At the same they were acquiring theFloridz properties. We believe we can show direcy correlation.
” A complaint, filed against the Cohens last yearin Miami-Dadwe County Circuit Court, refers to “a labyrinthine web of affiliaterd shell companies located in Florida, New Delaware, Lichtenstein, the British Virgin Panama, Quebec and France to conceal their The six Florida properties targeted in the lis pendensd were 429 Lenox Ave., Miami Beach; 7213 Fishert Island Drive, Fisher Island; 5930 N. Bay Miami Beach; 330 Biscayne Blvd., 268 Park Drive, Bal and 1475 Collins Ave., Miami Beach.
Justijn Elegant, an attorney for the Cohens with inCoralp Gables, said in an interview that his clients are pleasecd with the recent appellate ruling and believed they will prevail in the CDR Creances CDR Creances attorney Douglas of , said in an “With the vacated judgment, we’re back where we were last Augusft with pushing forward on We think the claims have merit.” During a Nov.
12 hearing in Miami-Dade Circuit Court, William an attorney for the Cohens, had said the Cohensa have a potential buyer for some of their InJanuary 2008, a Miami panel gave Leon Cohem and his company, , initial approval for the Empirew World Towers project, which would have 1,557 residential At the time, real estate analystse questioned the feasibility of the project becaused of hurricane codes, height restriction and the recession. Regardless of the outcomer of the litigation, local real estate experta still question the feasibilith of a massive project like Empire World Towersain today’s market.
Scott Sime, of Hollyu Sime Real Estate, said: “Unless there’s a specialized user in to build a spec officwe building at this time would be a veryrisku proposition.” Chris Lee, of , “There’s absolutely no market support for it rightg now.”
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