Courts roundup: $11M foreclosure at Woodside condo; JTRE, AB & Sons, Namdar, file suits
Courts roundup for Thursday, June 3, 2021: There were no bankruptcies of interest and one commercial foreclosure above $5 million.
Court filings are the positions of one party and are not necessarily accurate or complete.
$10.9M pre-foreclosure at 27-unit condo in Woodside: Kearny Bank filed a pre-foreclosure suit seeking $10.9 million from a loan originally provided in 2017 to developer Wing Fung Chau. Chau developed a 27-unit, 29,122-square-foot mixed-use condo building at 64-05 Woodside Avenue with an alternate addresses 64-01 and 64-03 Woodside Avenue. The final certificate of occupancy was issued August 31, 2016. According to the complaint, “64-03 Realty (Chau’s company) defaulted under the Note and the Mortgage by failing to make the required monthly payment of $51,970.39 when due thereunder on September 1, 2020, and continuing for each month through the present.” Kearny Bank also alleges that the condominium declaration is an event of default, as is the $2 million loan from Axos Bank. LINK
JTRE sues former tenant Capital One in Greenpoint: JTRE accuses its former tenant Capital One of concealing alleged defaults in its lease with the prior owner of 807 Manhattan Avenue in Greenpoint, which sold the retail condo unit to JTRE in 2018 for $10.5 million. JTRE also accuses the bank of non-payment of rent and so JTRE terminated the lease in January 2021 after no rent was paid from July 2020 to December 2020, according to the complaint. In addition to the $404,213 in back rent JTRE is seeking, it also is suing for construction fees to prepare the premises for a new tenant, and liquidated damages from the remainder of the lease, for a total of $7 million. In addition, JTRE is seeking $10.5 million from the bank, which was the purchase price of the unit, because of the alleged non-disclosure of the default. LINK
AB & Sons sues former ground lease tenant: AB & Sons is seeking $810,264 in back rent and other costs from its net lease tenant at 1410 Broadway, a three story building in the Garment District. The tenant had a long-term lease which expired in February 2021. The tenant allegedly did not pay the net lease payments from April 2020 to February 2021. According to the complaint, the “Tenant has breached its obligations pursuant to the provisions of the Amended Lease cited above by failing to pay Fixed Rent and additional rent incurred from April 2020 through February 2021 in the aggregate amount of $810,264.40 (the “Default Amount”).” LINK
Namdar sues minority shareholder of St. Marks property for $3M: Namdar Realty Group filed a suit seeking $3 million from an 18% shareholder in the building 20 St. Marks Place in the East Village. The shareholder occupies a unit of the building and allegedly will not vacate temporarily for a construction project, which has forced the construction project to halt. Namdar owns the other 82% of the building. LINK