A New York real-estate investor said that he has reached an agreement with mortgage and mezzanine lenders that would allow him three more months to pay back more than $200 million before risking losing his properties in bankruptcy, WSJ Pro Bankruptcy reported. Robert Gans put a group of eight Manhattan and Queens real estate equity-holding entities into bankruptcy in June to stop the mezzanine lenders’ attempt to foreclose on the properties. As part of the proposed settlement filed on Wednesday with the U.S. Bankruptcy Court in Manhattan, Gans filed chapter 11 petitions for an additional 10 real estate entities. The parties have agreed that Gans can keep his properties if he can pay back the lenders $200 million and other expenses in cash by Dec. 22. The lenders would take over all the properties in bankruptcy, which also include other lots in Manhattan and Queens, if Gans fails to make the payments by the deadline. The settlement still must be approved by the bankruptcy court.
