$10.2M pre-foreclosure at stalled Sunset Park retail development

Lender Golden Bridge Funding filed a $10.2 million pre-foreclosure action in the Eastern District of New York alleging the debt secured by the large development site at 617 62nd Street in Sunset Park, Brooklyn, and 150-30 12th Avenue in Whitestone, Queens, was in default.

The borrowers are Andy Weihan Ho and Danny Wu, according to the complaint.

According to the complaint, the original maximum loan was to be $17.7 million, but only $10.2 million was advanced. The lender alleges a maturity default for that $10.2 million.

Case 1:24-cv-00236 LINK

Court filings represent the position of one party and are not necessarily accurate or complete.

“The Loan was evidenced by that certain Building Loan Note dated October 28, 2021… The Note matured on March 2, 2023 (the “Maturity Date”) when the full unpaid principal balance plus all other amounts due under Note and Loan Documents became due and payable. 33. Borrowers failed to pay all amounts that became due and payable under the Loan Documents to Plaintiff on the Maturity Date (the “Default”). 34. The principal amount of $10,200,000.00 is due and payable by Borrowers, no part of which has been paid despite demand.

Violations and lawsuits

According to city public data, the property has received $6,250 in ECB penalties in the last year.

The property was involved in two lawsuits and zero bankruptcies over the past two years. The highest value suit was a $3.7 million money judgment concerning a loan filed on April 20, 2023, by Ronnie Sun and Sunrise Plaza LLC against Andy Weihan Ho and Danny Wu.

Andy Ho submitted a new building construction project for a 47,973 square-foot retail (M) building at 629 62nd Street in Sunset Park, Brooklyn. The plan was filed with the New York City Department of Buildings on April 21, 2017 under job number 321186792. It calls for the construction of a five-story building.

Direct link to the property’s ACRIS page and link to DOB NOW portal.