$6M Sunset Park warehouse placed in bankruptcy
139 58th Street in Sunset Park (Credit: Google)
The owner of a 14,698-square-foot warehouse in Sunset Park filed to place the property, valued at $6 million, in bankruptcy.
Janet Rush, the owner through the entity 139-58th St LLC, filed the chapter 11 petition yesterday in the Eastern District of the U.S. Bankruptcy Court.
This is the 40th commercial property bankruptcy petition filed in New York City this year, according to a PincusCo analysis of court records. Of those 40, 24 were filed in the Eastern District, covering Brooklyn and Queens.
The property is also in foreclosure, with creditor Lane Capital Partners holding the debt. The property is valued at $6 million according to the chapter 11 petition. Flushing Bank provided a $3.35 million loan in 2019, then sold it to Lane Capital. There are a total of $4.4 million of debts with secured claims. The property is a single-story warehouse building. NYC Glass Corp. has a month-to-month commercial lease. Apart from the foreclosure case, there is a personal injury tort, and separately the tenant was sued by a bank.
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