$26M retail bankruptcy in Williamsburg

Under threat of foreclosure, property owner and developer Rehan Perveez filed to place a single-story retail property at 59-63 North 6th Street in Williamsburg, Brooklyn, into bankruptcy protection. In February 2023, the judge in the foreclosure case ordered the appointment of a referee.
In the bankruptcy filing made in U.S. Bankruptcy Court in Brooklyn, Perveez claims the property is worth $26 million. The filing also states the secured claim from lender City Urban Realty is also $26 million.
Perveez acquired the properties in 1982 and decades later after completing remediation in December 2018, built the retail buildings.
In November 2017 Perveez borrowed $11.5 million from S3 Capital. Only a few months laster in May 2018, S3 Capital filed to foreclose on the loan. 509406/2018.

Then in July 2018 S3 Capital assigned the debt to City Urban Realty, which increased the recorded loan to $12.7 million. But only a few months after City Urban Realty provided the loan, it too filed to foreclose, in February 2019. 503736/2019. The bankruptcy is in response to the City Urban Realty foreclosure action.

Bankruptcy FILING

Direct link to Acris document. link