$12.8M bankruptcy filed to block Woodside condo foreclosure sale

The developer of a Woodside, Queens, condominium building at 64-05 Woodside Avenue that has 27 residential units, a commercial unit and a parking unit, placed the project into bankruptcy in order to block a $12.8 million foreclosure auction set for that same day.

Case 1-24-40820-nhl LINK

Wing Fung Chau developed the 27-unit, 29,122-square-foot mixed-use condo building at 64-05 Woodside Avenue with an alternate addresses 64-01 and 64-03 Woodside Avenue. The final certificate of occupancy was issued August 31, 2016.

The original lender, Kearny Bank, filed a pre-foreclosure action June 3, 2021, 712732/2021, and later sold the note in March 2023 to 64-03 Woodside Notebuyer, LLC, which has the signatory Lorenzo DeLuca, a Staten Island-based attorney and according to a LinkedIn profile, managing director of Randall Funding. Following a judgment of foreclosure, the referee set the auction for February 23, 2024, at 11:15 a.m. with a judgment lien of $12.8 million.

The property

The condo building with 27 residential units in Woodside has 29,999 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 60 feet and is 112 feet deep with a total lot size of 6,583 square feet. The lot is irregular. The zoning is R5D which allows for up to 2 times floor area ratio (FAR) for residential.

The final certificate of occupancy was issued August 31, 2016.

According to the foreclosure complaint, “64-03 Realty defaulted under the Note and the Mortgage by failing to make the required monthly payment of $51,970.39 when due thereunder on September 1, 2020, and continuing for each month through the present.” Kearny Bank also alleged that the condominium declaration is an event of default, as is the $2 million loan from Axos Bank.

Direct link to the property’s ACRIS page.