Quinlan Development Group v. Maple 1 Farley Owner LLC (Penn Plaza Life-Sciences Site Foreclosure)

Quinlan Development Group sued on October 13, 2026 in New York County Supreme Court to foreclose on the leasehold interest behind a stalled life-sciences and office development at 320 West 31st Street near Penn Station, alleging the owner, Maple 1 Farley Owner LLC, defaulted on a $54 million mortgage that has grown to $65.9 million with accrued and default interest. Quinlan acquired the loan from Bank of China in September 2026 and also sued Cannon Hill Capital Partners, the project's developer, as a recourse guarantor.

Why it matters

The case is a reminder that a secondary buyer of distressed commercial debt can move to enforce a defaulted loan quickly after acquiring it from an original bank lender, and that a recourse guaranty exposes a sponsor to a deficiency judgment beyond whatever a foreclosure sale of the collateral itself recovers. Borrowers and guarantors on stalled construction-era loans should treat a loan sale to a new holder as an early signal that enforcement, not an extension, is likely to follow.

Case timeline · 2 entries Latest: October 13, 2026 — Quinlan sues to foreclose on the leasehold at 320 West 31st Street, alleging $65.9 million owed

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Recently added

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• Ex parte City of Fairhope Planning Commission and City of Fairhope (Developer's Negligence Claim Over Denied Apartment Applications Barred by Immunity)October 16, 2026 · Ruling Issued
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• Odom v. Mall of Louisiana LLC (Wrongful-Death and Premises-Liability Suit Over Mall Food Court Shooting)October 7, 2026 · Filed
• Waterworks Operating Co., LLC v. 514 W. 24th Owner LLC (Mechanic's-Lien and Breach-of-Contract Judgment Partly Vacated on Appeal)October 15, 2026 · Ruling Issued

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