Courts roundup: $10.9M LES pre-foreclosure, $5.3M Greenpoint pre-foreclosure, $1.8M Wakefield contract

$10.9M Lower East Side pre-foreclosure: The lender Crown Bank alleges that just five months after refinancing the five-unit 193 Henry Street on the Lower East Side with a total debt of $10.87 million, the owner defaulted. “The Obligors 11ave caused Events of Default to occur under the Loan and Loan Documents by failing to pay Lender monthly payments of principal, interest and real estate taxes for the payments due for August 2, 2022, September 2, 2022 and October 2, 2022.” The signatory for the borrower was Therese Oliva.

Court records are the positions of one party and are not necessarily accurate or complete. In some cases a pre-foreclosure action must be filed to restructure debt.

The 193 Henry Street building is six stories with five residential units and commercial space. On the tax lot, the most recent condominium plan was filed by 193 Henry Street LLC to create five residential units and 1 commercial units in a building at 193 Henry Street in Lower East Side, Manhattan, called 193 Henry Street Condominium that has a $14 million sellout, according to an September 30, 2016 submission to the New York State Attorney General. The principal of the sponsor, 193 HENRY STREET LLC, was Jeffrey Jacobs.

Daniel Wise of 201 Eb Development III LLC submitted a new building construction project for a five-unit, 8,610 square-foot residential (R-2) building at 193 Henry Street. The plan was filed on February 25, 2016 and was permitted on May 4, 2017. It calls for the construction of a 60-foot tall, six-story building and was filed with the New York City Department of Buildings under job number 122576738. The project is described in the filing as: filing herewith construction of cellar and six story new building. LINK

$5.3M Greenpoint pre-foreclosure: A Time Century Holdings affiliate with signatories Ezra Marshaal and Ron Obadiah bought two buildings, 644 Manhattan Avenue and 730 Manhattan Avenue in 2016 and obtained an acquisition loan, building loan and project loan totaling $5.34 million at the time. According to the complaint, “The Loans each matured on August 10, 2021. By letter dated May 12, 2022 (the “Default Letter”), Lender notified Borrowers and Guarantors regarding their breach of the Loan Documents due to Borrowers’ failure to pay the matured indebtedness on the Maturity Date.” LINK

Finch Group in contract to pay $1.8M for Wakefield dev site: The Finch Group, based in Boca Raton, Florida, signed a contract to buy from Wakefield Grace United Methodist a development site in Wakefield, and following construction the church will own the church condo while Finch Group will own the residential portion. The contract was signed in 2020, and the closing is expected in December 2022.
Henderson Braithwaite of Wakefield Grace United Methodist Church submitted a new building construction project for a 73-unit, 38,822 square-foot residential (R-2) building at 4750 White Plains Road in Wakefield, Bronx. The plan was filed with the New York City Department of Buildings on July 17, 2020 under job number 240278828. It calls for the construction of a six-story building. LINK