Bethpage files $7.9M pre-foreclosure action against NoMad commercial

Bethpage Federal Credit Union filed to foreclose on a 2016 loan with an original principal of $8.5 million, which is now $7.95 million, secured by two properties, 33 and 35 West 26th Street in NoMad, Manhattan. The signatory for the loans was Osman Bessa.

The larger property is the office building at 33 West 26th Street in NoMad that has 11,095 square feet of built space and 13,604 square feet of additional air rights for a total buildable of 24,690 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 98 feet deep with a total lot size of 2,469 square feet. The zoning is M1-6 which allows for up to 10 times floor area ratio (FAR) for manufacturing The property is in the Madison Square North Historic District. The city-designated market value for the property in 2022 is $2.9 million.

The other property is a mixed-use building at 35 West 26th Street with four residential units in NoMad has 8,970 square feet of built space and 15,727 square feet of additional air rights for a total buildable of 24,690 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 98 feet deep with a total lot size of 2,469 square feet. The zoning is M1-6 which allows for up to 10 times floor area ratio (FAR) for manufacturing The property is in the Madison Square North Historic District. The city-designated market value for the property in 2022 is $4.3 million.

Direct link to the property’s ACRIS page and link to DOB NOW portal.