Blackstone halts $10.5M pre-foreclosure at RFR’s Lenox Hill retail, Meadow Partners buys the loan

Blackstone Group last month discontinued a pre-foreclosure case filed in November 2024 that alleged a default in a $10.5 million loan secured by three commercial condominium units at 404 East 76th Street and the adjacent building 1460 First Avenue,  in Lenox Hill, that Signature Bank gave to RFR Holding in 2015. Several days after the pre-foreclosure was discontinued, Meadow Partners purchased the loan.

Meadow Partners bought the loan through the entity MP Impala Lender LLC. The note with an original principal of $10.5 million is secured by RFR Holding’s retail, professional office and garage units at 404 East 76th Street, and the adjacent 10-unit residential walkup building (C7) at 1460 First Avenue, both in Lenox Hill, Manhattan.
The loan sale closed on June 4, 2025 and was recorded on June 10, 2025. The prior lender was Blackstone Group which held debt that had an original loan amount of $10.5 million.The four properties have 27,341 square feet of built space and 10,374 square feet of additional air rights according to a PincusCo analysis of city data.
The signatory for RFR Holding was Richard Froom .

In the pre-foreclosure case, Blackstone Group on November 7, 2024, through the entity SIG CRE 2023 Venture LLC, alleged that $10.5 million in loans secured by the retail, office and garage condominium units RFR Holding owns in the RFR-developed Impala condo building at 404 East 76th Street, as well as a neighboring building, 1460 First Avenue, were in default. The Manhattan Schoolhouse preschool occupies a portion of the retail, according to the daycare’s website. The case was discontinued in May, with the court publishing the stipulation of discontinuance on June 5.

Violations and lawsuits

The properties were involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $10.5 million commercial foreclosure concerning a loan filed on November 7, 2024, by Blackstone Group against RFR Holding, Aby J. Rosen, and Michael Fuchs. In addition, according to city public data, the properties have received $50 in OATH penalties in the last year.

Development

For the tax lot buildings, two out of the four buildings received a initial certificate of occupancy in the last ten years. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Lenox Hill, The bulk, or 34 percent of the 53.3 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 30 percent of the space. In sales, Lenox Hill has the highest sale turnover among other neighborhoods in the city with $3.5 billion in sales volume in the last two years. For development, Lenox Hill has 3 times the average amount of major developments relative to other neighborhoods and is the 10th highest in Manhattan. It had 3.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On the tax block of 404 East 76th Street, PincusCo has identified the owners of 16 of the 31 commercial properties representing 207,233 square feet of the 446,273 square feet. The largest owner is Howard Hershkovich, followed by Vito Mazzarino and then Regina Chou.
There are no active new building construction projects on this tax block.

The majority, or 46 percent of the 446,273 square feet of built space are walkup buildings, with specialty buildings next occupying 22 percent of the space.

The borrower

The PincusCo database currently indicates that Rfr Holding owned at least 17 commercial properties in New York City with 2,363,567 square feet and a city-determined market value of $1.2 billion. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 80 percent of the 2,363,567 square feet of built space are office properties, with hotel properties next occupying 14 percent of the space. The bulk, or 96 percent of the built space, is in Manhattan, with Brooklyn next at 4 percent of the space.

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