A
22-minute auction with a single bidder brought an end to the months-long legal battle between Fortress Investment Group and Charles Cohen. The lender acquired stakes in several assets, including three properties in New York and Florida, as well as a UK movie chain, through a foreclosure sale. Fortress used credit bids totaling $148.7 million, which included $76 million for the Design Center of the Americas and $30 million for a Le Méridien hotel in Dania Beach, Florida.

    The lender also bid $37.7 million for a Westchester development site and $5 million for a UK movie theater chain and film distribution company. However, no one bid on 100% ownership of Landmark Theatres or its concession business, leaving their fate uncertain. A judge had allowed the auction to proceed despite Cohen's attempts to stop it, ruling that he was liable for personal guarantees.

    Cohen continues to own other properties, including Manhattan office buildings, but many are struggling due to remote work and rising interest rates. Fortress had initially sued Cohen Realty Enterprises in March, alleging default on a $534 million loan and over $187 million in personal guarantees.