$7.6M Invictus parking garage mired in litigation placed in bankruptcy

Invictus Capital Partners, by the petitioner Bill Wang, a director at the company, filed to place a parking garage condominium unit at 37-20 Prince Street in Flushing, Queens, valued at $7.6 million, into bankruptcy.

Bankruptcy LINK
This parking garage unit PU was owned by investor Kevin Wang but he lost the unit in a UCC sale to an affiliate of Invictus Capital Partners and CV Funding. Kevin Wang continues legal efforts to retain control of the garage unit, which is in part the reason for the bankruptcy.
An affiliate of Newport Beach, Calif., CV Holdings lent $12.3 million in October 2019 secured by the parking unit and an approximately 29,000 square foot office building in Long Island City, at 37-31 10th Street. The office building is part of a separate bankruptcy filing, Operr Plaza 1-23-41938-jmm.

The petition states the garage property is valued at $7.6 million based on a November 2021 appraisal. The asset has $22.4 million in secured claims against it including a loan, within a total of $29.6 million in secured and unsecured claims.

The unit has been the subject to more than a half-dozen court filings, many related to Kevin Wang’s efforts to maintain control over the asset.

The petition says it seeks to, “retain or continue to employ such other professionals as they deem necessary, proper or desirable during the course of the Bankruptcy, including CBRE, Inc., to assist in the sale or other disposition of the Company’s property located at 37-20 Prince Street, Unit PU, Flushing.”
Direct link to Acris document. link