Bellwether-managed LLC files $71.49M in pre-foreclosures at Croman rentals, bought loans last month
120 Christopher Street (Credit - Cyclomedia)
The Delaware entity Orange Owner LLC, in care of the California-based asset management firm Bellwether Asset Management filed four pre-foreclosure actions yesterday in New York State Supreme Court in Manhattan totaling $71.49 million in original principal, alleging defaults in Croman Real Estate rental buildings in the West Village, East Village and Murray Hill.
Case 118-126 Christopher Street LINK
Case 47 East 1st Street and 47-1/2 East 1st Street LINK
Case 326-330 East 35th Street LINK
Case 290 West 12th Street LINK
The properties are 118 Christopher Street, 126 Christopher Street, 47 East 1st Street, 47-1/2 East 1st Street, 326 East 35th Street, 328 to 330 East 35th Street and 290 West 12th Street.
Court records represent the position of one party and are not necessarily accurate or complete. The lender alleges payment defaults.
The filings include the walkup building 118 Christopher Street with 18 residential units in West Village has 8,545 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 86 feet deep with a total lot size of 1,687 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Greenwich Village Historic District. The city-designated market value for the property in 2022 is $3.7 million.
The walkup building 47 East 1st Street with 10 residential units in East Village has 6,769 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 20 feet and is 72 feet deep with a total lot size of 1,491 square feet. The lot is irregular. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $4.5 million.
The walkup building 326 East 35th Street with 30 residential units in Murray Hill has 13,752 square feet of built space and 8,812 square feet of additional air rights for a total buildable of 22,575 square feet according to a PincusCo analysis of city data. The parcel has frontage of 37 feet and is 100 feet deep with a total lot size of 3,750 square feet. The zoning is R8 which allows for up to 6.02 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $5.8 million.
These are part of a 38-loan portfolio Orange Owner LLC purchased from Flagstar Bank last month, which PincusCo first reported. The October 20, 2025 loan purchase includes loans from Flagstar Bank that have a combined original principal of approximately $247 million, which secure approximately 49 Croman Real Estate buildings with about 680 residential units, according to a calculation by PincusCo Media.
Prior to this, four lenders — Flagstar Bank, PIMCO, Community Preservation Corporation and Dalan Real Estate — have filed pre-foreclosure actions against Croman Real Estate assets this year, with 13 cases totaling $116.7 million in original principal. In addition, Croman Real Estate has been selling properties.
Latest Croman Real Estate Stories:
• $247M in notes sold on Manhattan Croman portfolio with about 680 units (November 04, 2025)
• Dalan buys just under $140M in Croman debt, secured by rentals, mansion (December 11, 2024)
• Croman Kips Bay rentals with $34M debt set for auction following bankruptcy (November 01, 2024)
All the loans Orange Owner LLC bought were originated by New York Community Bank, most between 2015 and 2020. The portfolio includes 120 Christopher Street, 118 Christopher Street, 330 East 35th Street, 326 East 35th Street, 340 East 18th Street, 290 West 12th Street, 209 East 25th Street, 336 East 18th Street, and many others. All the buildings are in Manhattan south of 110th Street. The neighborhoods include West Village, Murray Hill, Gramercy, Kips Bay, East Village, Alphabet City and others.
To finance the deal, Orange Owner LLC borrowed an undisclosed amount from Centennial Bank to fund the loan purchase.
The surrounding
Within a 400-foot radius of 118 Christopher Street, PincusCo identified 15 commercial real estate items of interests occurred over the past 24 months. Of those 15 items, one was in new building development. It was a new building permit application filed on August 5, 2025 for a 172,259-square-foot 54 building at 497 Hudson Street. Of those 15 items, one was for major renovation including a certificate of occupancy change. It was a permit application filed on April 2, 2025 for the $650,550 renovation of 3,480-square-foot residential (R-3) building with two residential units at 327 Bleecker Street. Of those 15 items, three were sales above $5 million totaling $58.8 million. The most recent of the three was Abner Ohebshalom, Morad Kalimian, Shahzad Mossanen, Eric Kalimian, and Sharon Passkoff which bought the 31,460-square-foot, 65-unit rental (D1) on 33 Grove Street for $26 million from Abner Ohebshalom, Morad Kalimian, Shahzad Mossanen, Eric Kalimian, and Sharon Passkoff on February 13, 2025. Of those 15 items, 10 were loans above $5 million totaling $123 million. The most recent of the 10 was Dror Levy in which borrowed $6.3 million from Dalan Real Estate secured by the 7,106-square-foot, 18-unit rental (C7) on 514 Hudson Street on August 8, 2025.
Direct link to the property’s ACRIS page
Direct link to the property’s ACRIS page
Direct link to the property’s ACRIS page
Direct link to the property’s ACRIS page