NIAGARA FALLS—A State Supreme Court justice Thursday ordered one of the owners of One Niagara to post a $500,000 bond to protect the Rainbow Boulevard building from tax foreclosure.

State Supreme Court Justice Frank Caruso required Frank Parlato Jr. and his company, Whitestar Development Corp., to post the bond in light of $476,017 in back property taxes from 2006 and 2007 owed on the building, said attorney B. Kevin Burke Jr., who represents co-owner Incredible Investments Limited.

The back taxes could land the property at 360 Rainbow Blvd. on a city tax foreclosure list due out later this year. They are a portion of the $1.57 million in property taxes owed on the building. Incredible Investments Limited in June sued Parlato and Whitestar in an attempt to force them to pay the back taxes.