Court roundup: Maverick sues CW Realty over $6.5M loan; Kearny sues for $5.2M in Astoria; $4.5M bankruptcy
Maverick sues CW Realty for $6.5M in Queens: Maverick Real Estate Partners filed a suit in New York State Supreme Court over four tax lots affiliates of CW Realty owns in Ridgewood, Queens, including 510 Fairview Avenue, 1913 Palmetto Street, 18-63 Himrod Street and 291 Onderdonk Avenue. This is not a commercial foreclosure filing, it’s a filing seeking a money judgment, for summary judgment in lieu of complaint. The properties have an original debt of $6.55 million, provided in 2019. The original lender, Popular Bank, sent a notice of default to the borrowers in May 2021.
According to the complaint, “Borrower and Guarantor defaulted under the Note by, among other things, failing to make the required payments of principal, interest and escrow when due on March 1, 2021, April 1 , 2021 and May 1, 2021.”
The bank then sold the note to Maverick on July 16, 2021. LINK
Court filings are the positions of one party and are not necessarily accurate or complete.
Kearny Bank files $5.2M suit over Astoria property: Kearny Bank filed a pre-foreclosure suit against an entity that owns the commercial property at 31-35 Steinway Street in Astoria, 31 Stein LLC. The guarantor is Ilan Cohen. Cohen bought the property in 2010 for $6.5 million and refinanced it with a $5.46 million loan in 2016. LINK
$4.5M Brooklyn Heights townhouse bankruptcy: The townhouse 153 Clinton Street was placed into bankruptcy for the second time yesterday, in a chapter 11 petition stating the property was valued at $4.5 million. The property is a mixed-use brownstone owned by Anthony Spartalis, the debtor’s sole member. Spartalis filed for bankruptcy in April 2021, case number 21-40983(NHL), related to this property. The liabilities are about $4.4 million, the largest being a $4.35 million loan from an LLC in care of the law firm Mavrides, Moyal, Packman & Sadkin, LLP. Maxim Credit Group has a participation interest in the loan, according to Acris. Gross revenue was $72,000 in 2019 and the same in 2020, and has been $48,000 so far in 2021, the bankruptcy filing says. The broker A&I Broadway Realty, Inc.with principal Elliot Bogod, was hired to market the property, according to documents filed in the first bankruptcy. As of July 12, 2021, there was a possible plan to sell the property to the lender. It’s unclear why this additional bankruptcy petition was made. The property is listed for sale by Broadway Realty, an affiliate ot A&I, for $4.995 million. “The property is currently configured as three duplexes for mixed-used, a total of 5,600 square feet of livable space. The property is currently 80% complete as part of on-going gut renovation. The highest and best use for the sale of the property is as a high-end single family townhouse.”