$12M Rego Park bankruptcy by Great Neck family in ongoing bitter dispute

99-44 62nd Avenue (Credit - Google)

99-44 62nd Avenue (Credit - Google)

A member of a Great Neck medical family riven by the death of a brother and more than a dozen lawsuits over the past seven years, placed a Rego Park, Queens, property into bankruptcy. The property is under threat of foreclosure.

The petition Faraidoon Daniel Golyan made claims the property is worth $12 million and has secured debts of $10.4 million. Faraidoon filed the Chapter 11 petition yesterday in U.S. Bankruptcy Court in the Eastern District, to reorganize the assets of Golyan Enterprises, LLC which owns 99-44 62nd Avenue, a 55,300-square-foot mixed-use building with commercial space and 62 residential units.

Faraidoon likely filed the petition in response to a state court judge’s ruling this week. The judge granted a motion for a judgment of foreclosure and sale. The holder of the note with an original principal of $6.5 million is pursuing foreclosure of the property, now under the control of a receiver, and on May 8, the judge granted the motion.

According to an August 2020 complaint 712783/2020, the gross rents for the Rego Park building are more than $1 million per year.

Faraidoon filed the petition on behalf of the entity, which is owned by Faraidoon, his brother Joseph Golyan and the estate of their deceased brother Bijan Golyan, who died in 2020.

Joseph is a medical doctor, as was Bijan. Faraidoon manages the family’s real estate assets. Joseph and Faraidoon and other family members have traded a half-dozen lawsuits alleging improprieties in the management of — or attempts to improperly take over — the assets which included the Rego Park property, another in Forest Hills at 69-02 Austin Street and another in Jackson Heights. Other lawsuits involve divorce, personal injury and foreclosure.

The bankruptcy does not detail the family’s legal disputes or the divorce proceedings which could impact the management or value of the property, but lists one of the cases, Joseph Golyan et al v. Faraidoon Golyan et al 712287/2022, and a personal injury case Iyoda Makhmudova v. Golyan Enterprises LLC 700299/2021.

The debt is composed of $9.85 million owed to Rego Park Lender LLC based on an original loan of $6.5 million, and $549,397 owed in property taxes to the city.

The anonymous lender Rego Park Lender LLC in care of the law firm Wachtel Missry filed to foreclose on the loan in June 2019, 701980/2020 (original index 850140/2019).

The borrowers allegedly defaulted by not repaying the loan on its maturity date in December 2018.

According to the original state court foreclosure, “The Consolidated Mortgage constitutes a first lien encumbering the Prealises [sic] to secure the total current principal indebtedness of $5,119,671, plus accrued and accruing interest, post-maturity default interest at 24%, and other fees, charges and costs, including reasonable attorney’s fees… Borrower has failed to comply with the terms and provisions of the Note, Consolidated Mortgage, the First Extension, and Second Extension by failing to pay the balance of the mortgage indebtedness which became due on December 10, 2018.”

Bijan is deceased, having passed away on June 19, 2020. One of the earliest suits laying out the family disputes was from 2017 case. In the case, Joseph Golyan alleges his mother and brothers conspired to steal assets from him.

Another filing describes the ownership entities that are named in the bankruptcy: Faraidoon Golyan is a trustee of Mara 2015 Irrevocable Trust, an entity created for the purposes of segregating his share of partnership proceeds. Bijan Golyan is a trustee of NDBE 2015 Irrevocable Trust, an entity created for the purposes of segregating his share of partnership proceeds. Joseph Golyan is a trustee of SGJ 2015 Irrevocable Trust, an entity created for the purposes of segregating his share of partnership proceeds.

Bankruptcy petition LINK

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

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