$90M foreclosure against Ashkenazy; $24M against Veracity Equities

LNR Partners as special servicer for two unrelated loans filed to initiate foreclosure proceedings against Ashkenazy Acquisition’s $90 million loan secured by a ground leasehold on 635 Madison Avenue in Midtown and Veracity Equities’ $24 million loan secured by 30 Kenmare Street, also known as 153 Elizabeth Street, in Nolita.

In the first, Ashkenazy Acquisition owns the leasehold, which runs to 2048. The fee is owned by L&L Holding Company. LINK

In the second filing, Special Servicer LNR Partners filed the suit on behalf of bondholders of 2016-C34 for a loan with an original principal of $24 million. Veracity Equities led by Edmond Li bought the parcel in 2006 for $5.3 million and he developed 30 Kenmare, now occupied by the Nolitan Hotel. LINK