$16.8M pre-foreclosure filed at 19-unit Astoria condo project

Golden Bridge Funding filed a $16.8 million pre-foreclosure filing in Queens State Supreme Court yesterday, alleging the loan given in 2022 and secured by a 19-unit condominium project at 21-01 21st Street, in Astoria, Queens, is in payment and maturity defaults.

The property is being developed by Halil Todic, who is the principal of the condominium plan and a signatory for the loans and Barry Leon.

Case 709806/2024 LINK

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

According to the complaint, “The Note was for the period commencing May 2, 2022, through and including April 2, 2023. The Note was then extended for a period of one (1) year through April 2, 2024… Defendant has defaulted in failing to pay the monthly interest only payments from November 2, 2023 through this date concerning the 21st Street Property.  Defendant has also defaulted in failing to pay the sum of $16,800,000 pursuant to the Note by April 2, 2024 maturity date…”

The property

The building with 19 residential units in Ditmars Steinway has 22,788 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 125 feet and is 100 feet deep with a total lot size of 12,500 square feet. The zoning is R5B which allows for up to 1.35 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1 million. The most recent loan totaled $16.8 million and was provided by Golden Bridge Funding on March 10, 2022.

Prior sales and revenue

This property was sold for $4.3 million on February 28, 2018.

Development

On the tax lot, the most recent condominium plan was filed by Astoria 2101 LLC to create 19 residential units and 3 commercial units in a building at 21-01 21st Street in Ditmars Steinway, Queens, called 21-01 21st Street Condominium that has a $24.1 million sellout, according to an September 28, 2022 submission to the New York State Attorney General. The principal of the sponsor, Astoria 2101 LLC, was Halil Todic.

Jesse Leon of Astoria 2101 LLC submitted a new building construction project for a 19-unit, 22,788 square-foot residential (R-2) building at 21-06 21st Street. The plan was filed on December 11, 2018 and was permitted on February 23, 2022. It calls for the construction of a 33-foot tall, three-story building and was filed with the New York City Department of Buildings under job number 420664891.

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