$12.8M pre-foreclosure filed at Micasa Living’s 36-unit Fordham Manor project

Lender NorthEast Community Bank filed a pre-foreclosure action against an affiliate of Micasa Living’s 36-unit project at 2660 Kingsbridge Terrace in Fordham Manor, the Bronx. The complaint was filed May 23, 2023 in State Supreme Court in Bronx County.

The lender alleges the loan was not repaid in full by the extended maturity date of March 1, 2023. Court filings represent the positions of one party and are not necessarily accurate or complete. Micasa Living has not yet responded to the action.

Micasa Living, founded by Ari Thaler, submitted a new building construction project for a 36-unit, 30,871 square-foot residential (R-2) building at 2660 Kingsbridge Terrace in Fordham Manor, Bronx. The plan was filed with the New York City Department of Buildings on May 24, 2019 under job number 210179625 and was permitted on June 18, 2020. It calls for the construction of a five-story building. The project is described in the filing as: new five (5) story and penthouse, thirty six (36) unit residential building with community facility. Ari Thaler also uses the name Yisroel Thaler.

The firm’s website says the project is fully funded with the loan and $4.2 million in equity.

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