M
eyer Chetrit is countersuing Computershare Trust Company over a defaulted $54 million mortgage on a New Jersey mixed-use property. The Australia-based lender filed a foreclosure lawsuit in May against Chetrit Group's principal, alleging he failed to make payments on the loan for a 291,000-square-foot office and apartment building at 2 Executive Drive in Fort Lee.

    Chetrit claims Computershare mismanaged funds and allowed the building to deteriorate. He is seeking damages of "no less than $250 million" plus attorney fees and other costs. In response, Computershare alleges that Chetrit's poor management led to the property's disrepair, citing over a dozen mechanics liens and code violations.

    Chetrit purchased the nine-story building in 2008 for $86 million and redeveloped it with a mortgage from Starwood Mortgage Capital. The loan was later transferred to Computershare, which allegedly breached its agreement by withholding funds earmarked for repairs. Chetrit stopped making payments in August 2023, leaving him owing $62.6 million on the loan as of May.