NEW YORK, Aug. 14, 2015 /PRNewswire/ -- Hudson Yards continues as one of the most significant private real estate development sites in New York City's history, and Hudson Rise, a 380,000-square-foot residential and hotel project led by Ashwin Verma and Saif Sumaida of Siras Development, one of the city's leading hospitality and residential development groups, remains poised to be one of the area's signature developments.
Earlier this year the project experienced a temporary setback when the Chinese investor group funding the development, Kuafu Properties, tried to wrest control away from Siras by filing a dissolution petition in New York State Court – after the land had doubled in value in less than a year. But Siras immediately fought back, and a New York Supreme Court Justice dismissed the dissolution petition in its entirety.
Kuafu then responded by taking the drastic step of acquiring the project's loan, claiming it was protecting the project from loan-to-own lenders, only to file a second lawsuit seeking to foreclose on that same loan. But again Siras did not back down, filing claims of its own against Kuafu, alleging breach of fiduciary duty, among others, arising out of Kuafu's efforts to seize complete control of the project.
"This was an old-fashioned squeeze-out play," Ashwin Verma, Managing Partner of Siras, said of Kuafu's unprecedented conduct. "But Siras discovered this opportunity, and we will remain its lead developers. We are now pleased," Verma added, "that Kuafu has agreed to try and resolve this dispute amicably through mediation."
Hudson Rise continues as planned and will be a welcome addition in the changing Hudson Yards neighborhood. According to Mr. Verma, "we are thrilled to remain at the helm of this exciting and unprecedented project."
About Siras Development:
Siras Development is a New York-based integrated real estate group building commercial, hospitality and residential developments of exceptional quality, led by partners Saif Sumaida and Ashwin Verma. The company creates developments that use pioneering architecture and design to redefine neighborhoods from Tribeca and Soho to the West Chelsea Highline and Hudson Yards. With a development and construction management portfolio of more than 30 properties across New York City, including the critically acclaimed Soori High Line, Hotel Americano and 520 W 27th Street, Siras approaches each development project by inviting world-class architects to express and add their individual interpretation of modernism to the New York landscape. The company believes that by sharing its vision with foreign architects, hotel companies, brands and investors, the firm can create iconic cultural destinations within cosmopolitan locations.
SOURCE Siras Development