20-unit Flushing walkup with $4.4M judgment in bankruptcy, 2 days before foreclosure auction

Property owner Konstantina Biscardi filed to place a 20-unit walkup located at 42-43 147th Street in Flushing, Queens, in bankruptcy two days before a March 4, 2022, court-ordered foreclosure auction. The auction filing says, “The approximate amount of the Judgment is $4,439,307.71 plus interest and costs, as provided in the Judgment.”

That sale was the outcome after two lenders or their predecessors filed to foreclose on separate loans in 2018 and 2019. One had an original principal of $2.35 million and is now held by Lane Capital Partners, and the other had a maximum of $500,000, and is held by Yassky Properties.

The estimated assets and liabilities in the bankruptcy were not specified, but the petition indicated them to be between $1 million and $10 million each. Biscardi acquired the property in 2015 through a no-consideration transfer from a relative or former relative, Thomas Gigiakos, who bought the building in 1972. This is a 20-unit walkup built in approximately 1928 with 17,325 square feet and four stories. It’s on a 50 x 100 foot lot.

Bankruptcy on Pacer LINK