Courts roundup: Goldman seeks to evict RFR; $42M in foreclosures; Pace Gallery behind in rent
Courts roundup for April 16 through 19, 2021: There were no bankruptcies of interest. There were three commercial foreclosures totaling $43 million.
Estate of Sol Goldman seeks to eject RFR from Gramercy Park Hotel property: The estate of Sol Goldman, also referred to as Solil Management, through signatory Jane Goldman, is seeking to terminate a ground lease at 2 Lexington Avenue that runs through 2078, but is allegedly in default. Goldman served RFR Holding, let by Aby Rosen with a notice of lease termination on March 17, 2021. Goldman seeks a money judgment for as much as $79.5 million, as well as a court order compelling RFR to vacate the premises. The Real Deal reported on the case Friday. LINK
$24M foreclosure filed at 270 Meserole in East Williamsburg: A foreclosure action was filed against developers Solomon Eidlisz and Samuel Stern by lender Argentic which was securitized as 2017-HR2. The developers allegedly did not make payments for June 2020 and subsequent months. “Borrower made partial payments on the Loan in the aggregate amount of $225,374 on or about December 21, 2020 and December 23, 2020. This partial payment was insufficient to cure the Events of Default. Borrower made a further partial payment of $33,561.02 on or about January 25, 2021. This partial payment was also insufficient to cure the Events of Default.” The complaint continues, “On February 10, 2021, Plaintiff provided Borrower with written notice that, because of Borrower’s Events of Default, the Loan was accelerated and the Debt was immediately due and payable.” LINK
$18M retail foreclosure filed against German pension giant BVK: A foreclosure action was filed to recover an $18 million loan given to Germany’s largest pension fund, BVK, to finance the retail condo at 415 West 13th Street, a block-through commercial condo in the Meatpacking District. BVK bought the unit in 2011 for $34 million from Thor Equities. In 2016 BVK upped the debt with an $18 million loan originated by JPMorgan Chase and then securitized into JPMCC 2016-JP3. The special servicer, Torchlight, sent a notice of default on September 2, 2020, alleging loan payments were not made for July, August and September of 2020. LINK
Pace Gallery said to owe nearly $400K in back rent: A Joseph P. Day-managed building accuses Pace/MacGill Gallery of owing $397,616 in back rent. In addition, the complaint says the gallery’s lease expires on July 31, 2021. Larry Wohl is the signatory for the loans on the building. Pace signed its original lease there in 1989. The tenant stopped paying rent during Covid, according to the complaint. LINK
Ridgewood church claims lease with Cheskie Weisz is terminated: The Roman Catholic Church of Our Lady of the Miraculous Medal, in Ridgewood, Queens, alleges it entered into a lease as landlord with Cheskie Weisz as tenant for a portion of 62-67 60th Place. The lease began in January 2020, the complaint says, and as part of the agreement Weisz was to give a $500,000 “standby letter of credit” to the church. Weisz has allegedly not provided the money, and so the church declared the lease in default and terminated. It is suing for the $500,000 letter of credit. LINK
Correction: This post was edited to reflect that 415 West 13th Street is actually in the Meatpacking District of Manhattan.