Chinese conglomerate HNA Group Co. must pay its former business partner SL Green Realty Corp. about $185 million in a dispute over a bankrupt Manhattan skyscraper, an arbitrator said, WSJ Pro Bankruptcy reported. The arbitrator, former judge L. Priscilla Hall, found that real-estate investment trust SL Green was entitled to a $184.6 million payment over an investment that it made in HNA Group’s 245 Park Ave., according to documents made public in a New York state court on Friday. SL Green should also be reimbursed for $856,000 in fees, she said. SL Green began arbitration proceedings in December, seeking to enforce deal terms that it said entitled it to more than $180 million in compensation. A lawyer for SL Green, Mark Ressler, asked the New York State Supreme Court on Friday to confirm the arbitration award, a routine move after an arbitration finding. The skyscraper’s owner — PWM Property Management LLC, a New York-based affiliate of HNA — filed for chapter 11 protection from creditors in the U.S. Bankruptcy Court in Wilmington, Del., last fall. In addition to the Manhattan building, PWM owns another skyscraper in Chicago.
