Royal Realty Co. of New York defaulted on a three-year-old ground lease, paving the way for Tharp and his North Orange Opportunity Inc. investment group to acquire the building in an Orange Circuit Court foreclosure suit.
"We sued Royal Realty Corp. twice and the suits were appealed twice," Tharp tells GlobeSt.com from Hawaii where he is inspecting other owned assets. "We won (both times)."
The developer/investor says his group "did not sue for a particular amount of money, but for possession, claiming that the leases had been properly terminated by us," Tharp says. State appellate courts upheld the verdicts both times.
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