Richard Y. Im concentrates his practice in complex commercial litigation with a particular focus on the real estate industry. Richard has extensive experience litigating real estate matters, including commercial foreclosures, lender liability claims, title issues, contract and joint venture disputes, construction claims, Lien Law issues, priority disputes and brokerage matters. Richard also represents lenders and hedge funds in connection with the acquisition and sale of distressed debt, loan workouts, restructurings and foreclosures. Richard also defends major manufacturers in complex product liability claims.
Richard received his law degree from St. John's University School of Law and his bachelor's degree from Boston University. While at St. John's, Richard was an Articles and Notes Editor of the St. John's Law Review and served as a judicial intern for Judge Robert P. Patterson, Jr. in the Southern District of New York, and Judge Frank X. Altimari in the Court of Appeals for the Second Circuit.
Recent Matters of Note:
Community Preservation Corporation - Real Estate Litigation
Outside counsel to CPC, a leading provider of capital for affordable housing in New York state, in numerous foreclosure actions, many involving stalled condominium development projects that are resolved through litigation or loan workouts.
Distressed Real Estate Investor - Acquisition and Foreclosure on $5.7 Million in Loans Secured by Manhattan Property
Herrick advised the distressed real estate investment arm of a global financial services firm on the acquisition of loans totaling $5.7 million and secured by a new real estate development project located in the Washington Heights section of Manhattan. Following the acquisition of the loans, which were in default, Herrick successfully represented the client in a foreclosure action challenged at the last hour by an entity directly tied to the borrower which claimed to hold a $1 million mechanic's lien against the property. Herrick was able to swiftly put a receiver in place and then secured a final judgment of foreclosure and sale within months of first filing the action. An auction is currently scheduled.
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Affordable Housing Lender - Foreclosure of $17.5 Million in Mortgages Secured by Brooklyn Condominium Project
Herrick represented a major NYC affordable housing lender in hotly contested litigation to foreclose on more than $17.5 million in mortgages secured by a stalled condominium project located in Clinton Hill, Brooklyn. Brought in by the client as replacement counsel, Herrick secured the appointment of a receiver to take control of the property, shut down lender liability claims raised by the borrowers in both the underlying foreclosure action and a parallel action filed in another court, and then succeeded in obtaining a final judgment of foreclosure and sale. When the borrowers filed for bankruptcy in an effort to derail the sale, we won a judgment allowing the receiver to remain in place while we moved to lift the automatic stay blocking continuance of the foreclosure proceedings. Having brought the foreclosure action to the brink of completion, Herrick positioned our client to successfully sell the note and mortgage to a developer, releasing our client from this litigation.