$4.5M UES walkup bankruptcy

Michael Crane, as president of Treasures and Gems Ltd, a single purpose real estate entity that owns 250 East 90th Street, also known as 1739 Second Avenue, filed to place the asset in bankruptcy yesterday. The building is a five-story, mixed-use, rent-stabilized building with eight residential rental units and four retail units.
The property is worth $4.54 million according to an appraisal, and it was refinanced in May 2021 with a $2.338 million loan, the only secured debt. (Acris uses the loan value $2.338 million, while the bankruptcy filing says it was $2.4 million.) The filing says rental revenue was $200,000 last year and so far $160,000 this year. Revenue was $274,000 in 2019. The filing does not explicitly state the reason for resorting to a chapter 11 filing. The filing notes there is ongoing probate matter in New Jersey related to Michael Crane’s aunt, Rhoda Crane, who is deceased. She was the signatory on prior loans, while Michael’s grandmother Mollie was the signatory for the acquisition loan, signed in 1983 when the Cranes bought the building.

Direct link to Acris document. link