Banks gain control over Union Station foreclosures for now

Rachel Scharf (9:34 PM EDT Aug. 23, 2022) — A federal judge in Manhattan on Tuesday temporarily declared a South Korean bank to be the rightful manager of Washington, D.C.’s Union Station. Real estate investor Ashkenazi Acquisition Corporation’s “Snide” is seeking to void a $141 million foreclosure.

U.S. District Judge Gregory H. Woods filed a lawsuit earlier this month alleging Ashkenazis refused to relinquish control of the transit hub after defaulting on a $100 million mezzanine loan to Cookmin Bank. issued a preliminary injunction in favor of

According to the complaint, Seoul-based Kookmin purchased shares in Union Station that were owned 15 years ago by a real estate investor for $141 million.

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