$9.25M pre-foreclosure filed at 12-unit former church in Fort Greene

Valley National Bank filed a complaint against Serabjit Singh Malhotra and the entity Beards of Delaware LLC, seeking to foreclose on a loan with an original principal of $9.25 million secured by the 12-unit rental buildings at 232 Adelphi Street in Fort Greene, Brooklyn. The borrower obtained the loan on January 8, 2018. Malhotra signed a Limited Guaranty and a Recourse Carve Out Guaranty, according to the court filings.

Court filings reflect the position of one party and are not necessarily accurate or complete. In some cases, lenders file foreclosure actions in concert with renegotiating the loan.

The former church property in Fort Greene has 15,348 square feet of built space according to a Department of Buildings application. By 2016, all the units but one had been leased up, according to a report at the time.

The 228 Adelphi Street parcel has frontage of 122 feet and is 100 feet deep with a total lot size of 12,208 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Fort Greene Historic District. The city-designated market value for the property in 2022 is $709,000.

According to city public data, the property has not received any significant violations in the last year.

There were no lawsuits or bankruptcies filed against the property since September of 2020.

On this tax block, PincusCo has identified the owners of one of the five commercial properties representing 2,603 square feet of the 27,185 square feet. The identified owner is Edgewalker. There are no active new building construction projects on this tax block.

Over the past five years, there has been no NYC Department of Buildings new building, demolition, or alteration permit application valued at more than $20,000 filed for this parcel.

PincusCo has not identified any commercial real estate items of interest within a 400-foot radius of 1840 Vyse Avenue that occurred over the past 24 months.

The owners according to the Department of Housing Preservation and Development includes Serabjit Singh, head officer and Hector Garcia, site manager. The business entities are Management Group Of Brooklyn Llc and Beards Of Delaware Llc.
Court LINK
Direct link to the property’s ACRIS page.