Bankruptcies filed for two Bed-Stuy rentals with $5.6M in judgments to halt courthouse sales

The owner of two Bedford-Stuyvesant rental buildings with combined judgments totaling $5.6 million filed Chapter 11 bankruptcy petitions yesterday to halt sales scheduled for today at the Kings County Courthouse. The owner, Michael Israel, filed one petition for 417 Throop Avenue, with the name Throop Ventures LLC and another for 1556 Fulton Street, with the name Fulton Ventures LLC.

Israel filed the petitions on his own behalf, and did not specify the precise amount of assets and liabilities other than to note in each filing that assets and liabilities were between $1 million and $10 million.

Both properties have foreclosure sales set for today in the Brooklyn courthouse. For 417 Throop Avenue the judgment is $2.845 million and for 1556 Fulton Street it is $2.763 million.

Direct link to 417 Throop Avenue Acris document. link

Direct link to 1556 Fulton Street Acris document. link