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Equitable Life Assurance Society of the United States found itself under fire Tuesday from its partners and from its lender, Manufacturers Hanover Trust Co., over Equitable's recent decision to take a New York City real estate partnership into bankruptcy.
Real estate experts expect rancorous bankruptcy disputes to become more commonplace as lenders and developers face off over faltering projects in weak markets such as New York.
But the case of 1515 Broadway, a 54-story office tower known as One Astor Plaza, bought by Equitable and Tishman Speyer Properties for $210 million in 1984, is...