Blackstone files $20.25M pre-foreclosure at RFR retail, 5th for owner since 2023
Blackstone Group, as the holder of a $20.25 million loan initially provided by Signature Bank, filed a pre-foreclosure action August 8, 2024, alleging the loan secured by eight retail condominium units in 122 Greenwich Avenue in the West Village of Manhattan, was in default. The lender filed the complaint in New York State Supreme Court in Manhattan. This is the fifth pre-foreclosure case filed against RFR Holding since 2023.
Case 850296/2024 LINK
Court cases reflect the position of one party and are not necessarily accurate or complete.
RFR Holding, led by Aby Rose and Michael Fuchs, bought the units in 2018 for $31 million through the entity OJS Retail Owner LLC, borrowing
According to the complaint, “Borrower failed to timely pay its monthly installments required under the Note beginning on April 10, 2023 and continuing on each monthly payment date thereafter.”
The complaint says there is $18.4 million of principal unpaid, and with interest and default interest, the total due as of the start of August was $24.7 million.
The block
On this tax block, PincusCo has identified the owners of 15 of the 31 commercial properties representing 334,693 square feet of the 501,344 square feet. The largest owner is Brodsky Organization, followed by Croman Real Estate and then Ezra Mashaal. On the tax block, there was one new building construction project filed totaling 29,671 square feet. It is a 29,671 square-foot business (B) building submitted by Chun Lee with plans filed February 12, 2015 and permitted May 10, 2019.
The owner
The owners according to the Department of Housing Preservation and Development includes Andrew Lasala, head officer and Anthony Milstein, officer. The business entity is One Jackson Square Condominium.
The surrounding
Within a 400-foot radius of 72 8 Avenue, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months. Of those eight items, four were sales above $5 million totaling $79.4 million. The most recent of the four was G4 Capital Partners which bought the 0-square-foot, two-unit office building (O6) on 74 8th Avenue for $44.1 million from Sang Lee and Chun Lee on May 2, 2024. Of those eight items, four were loans above $5 million totaling $91 million. The most recent of the four was Gatsby Enterprises in which borrowed $14.3 million from Flagstar Bank secured by the 26,377-square-foot, 42-unit rental (D7) on 234 West 13thstreet on August 5, 2024.
Direct link to the property’s ACRIS page and link to DOB NOW portal.