Real estate company Park Lane I LLC filed for chapter 11 protection on Thursday as it faces foreclosure on two of its properties in Birmingham, Ala., Dow Jones DBR Small Cap reported today. The Manhattan-based company, which shares a corporate address with Lightstone and was placed in bankruptcy by Lightstone executive Bruno de Vinck, owns two apartment complexes in Alabama called Cliffs at Rocky Ridge and Overlook at Homewood. Both of the properties are in receivership and are being managed by GlassRatner Management & Realty Advisors LLC.
