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Arrested Development: Repo Man Eying 34 Leonard

The latest high-flying luxury condo project to be threatened with foreclosure is Tribeca's 34 Leonard Street, The Real Deal reports. The developers of the recently finished 16-unit building, where prices averaged $1,600/sf and amenities include an in-house sommelier, defaulted on $37.5 million in loans according to a lawsuit filed by the project's lender iStar Financial. No units in the building have closed to date, and the website's weepy violin soundtrack isn't doing much to bolster our confidence. [Real Deal]