Ridge Hill apartments facing foreclosure, lawsuits

The sale of the financially troubled Monarch luxury apartment complex at Westchester's Ridge Hill in Yonkers is in dispute and has led to multiple lawsuits.

Ridge Hill Holdings has asked the state Supreme Court to appoint a neutral arbitrator in a dispute with its partner Azorim at Ridge Hill. The Feb. 25 court filing is the latest in a string of lawsuits over the Monarch for unpaid debts and breaches of contracts.

Ridge Hill Holdings alleged that its relationship with Azorim soured by 2011, when both parties agreed to sell the complex. The company has since defaulted on its loan and it is at risk of foreclosure, according to Ridge Hill Holdings.

The 162-unit Monarch struggled to sell its condominiums after the Great Recession before turning unsold units into rentals. Additional financial struggles included a $39,000 unpaid electric bill in 2013 and the Monarch's sales office phones going dead during the peak real estate summer sales period.

Yonkers officials originally gave the developers permission to build 500 apartments on top of the hill it shares with the shopping center.

Twitter: @ErnieJourno