Suffern: Novartis property sales clouded by legal claims
SUFFERN – A company that paid $18 million for the Novartis property claims its rights to the 162-acre campus were usurped by its own business partners who re-sold it for $30 million.
RS Old Mill LLC purchased the former pharmaceutical manufacturing plant in September 2017, months after seeking Chapter 11 bankruptcy protection to keep from forfeiting its $2.5 million deposit.
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The Monsey-based corporation managed by Yehuda Salamon entered into a series of transactions to obtain the $15.5 million it needed to close the deal, according to legal papers filed in federal bankruptcy court.
This included RS Old Mill LLC deeding the property to a similarly named entity, RS Old Mills Rd LLC, which in turn agreed to deed it to yet another corporation, Suffern Partners LLC, for $30 million.
RS Old Mill claims it was fraudulently induced into transferring the property and was the victim of a “civil conspiracy,” according to court papers that name Suffern Partners, the Manhattan real estate investment firm Bridgewater Capital Partners LLC, and the Seattle-based investment company CPIF Lending LLC.
LOSTMESSIAH 