Ascot Properties NYC files bankruptcy for SoHo retail bought for $38.5M

The Florida-based Ascot Properties NYC filed a petition to place two retail cooperative units in the co-op building 138 Greene Street, in SoHo, which it purchased in 2016 for $38.5 million, into bankruptcy protection yesterday in the Southern District of New York. Ascot Properties NYC is led by a veteran real estate investor, Amarjit S. Bhalla, also known as Lucky Bhalla.

Bhalla owes an undisclosed amount of debt to Blackstone Group, which bought a portfolio of commercial loans that Signature Bank originated, including this loan. Retail values have generally declined since 2016, though prices have recovered from the lows of several years ago.

Case 25-10129 LINK

138 Greene Bankruptcy Petition pdf

Ascot Properties NYC bought the retail cooperative units, FL1NB and BMTNB, from partnership including Premier Equities and Joe Sitt’s Thor Equities, as The Real Deal reported at the time.

The retailer Poggenpohl opened a store in a portion of the space in 2019, the Commercial Observer reported.

Blackstone Group filed a pre-foreclosure action against Ascot Properties NYC’s retail across the street, at 131 Greene Street, in July 2024, alleging a $21.5 million was in default. That case remains active.

Direct link to the property’s ACRIS page