Courts roundup: $12.5M multifamily pre-foreclosure; Maverick questions debt claims; $5M industrial pre-foreclosure

PIMCO files $12.5M pre-foreclosure in University Heights: PIMCO through the entity PT ATL SPV Grantor Trust filed a pre-foreclosure complaint Friday in the Southern District of New York, alleging a loan with an original principal of $12.5 million and secured by two residential buildings in the Bronx, was in default. PIMCO purchased the loan as part of a large loan portfolio from Capital One in September 2021. The walkup building 2155 Grand Avenue with 45 residential units in University Heights has 48,500 square feet. The walkup building 2084 Grand Avenue with 48 residential units in University Heights has 33,900 square feet. According to the complaint, “Defendants failed to comply with the terms of the Loan Documents and defaulted thereunder because, among other things, Borrowers failed to pay to Lender the monthly payment due under the Loan Documents on February 1, 2025 and each month thereafter.”

Case 1:25-cv-05379-VEC LINK

The PincusCo database currently indicates that Dovid Kleiner is the owner.

Within a 400-foot radius of 2155 Grand Avenue, PincusCo identified three commercial real estate items of interests occurred over the past 24 months. Of those three items, three were loans above $5 million totaling $32.8 million. The most recent of the three was Skyward Developers in which borrowed $18.6 million from Argentic Investment Management secured by the zero-square-foot, 26-unit rental (D1) on 80 Clinton Place and two other properties on January 7, 2025.

Direct link to the 2155 Grand Avenue’s ACRIS page
Direct link to the 2084 Grand Avenue’s ACRIS page

Maverick alleges recent $21.7M Meyer Chetrit confession of judgment is not legitimate: Maverick Real Estate Partners filed a complaint Friday in New York State Supreme Court in Manhattan, alleging that the $21.7 million judgment of confession that Meyer Chetrit signed as debtor to the estate of his late brother Jacob Chetrit was suspicious: “The Confession displays all of the hallmarks of fraud… the Confession Action provides no documentation supporting the alleged debt. Defendants presumably claim that Chetrit incurred millions of dollars in liability to his brother without any documents reflecting this alleged liability. Fourth, the timing execution and filing of the Confession is highly suspicious. Chetrit allegedly executed the Confession on the same day that the Court signed Plaintiff’s Judgment. Then, the Estate commenced the Confession Action two days after Plaintiff’s Judgment was entered by the Clerk.”

Meyer Chetrit has not responded to the allegations, according to a review of court filings. His confession of judgment states, in part: “The Judgment Amount represents the amount currently justly due and owing from Defendant to Plaintiff arising out of Defendant’s failure to fund investments and capital contributions in and to various real estate entities, transactions and capital calls, including but not limited to those set forth herein, which Plaintiff did in Defendant’s stead.”

Case LINK

Titan Capital ID files $5M pre-foreclosure for industrial in Glendale and SI: Titan Capital ID filed a pre-foreclosure action in New York State Supreme Court in Queens alleging a loan with an initial principal of $5 million that is secured by property in Glendale, Queens; and Port Richmond, Staten Island. The property owner is Bradley Ickes and his fiber optic network company Optical Communications Group, which has been involved in a dispute with Verizon.

Case LINK
The industrial building 79-20 71st Avenue in Glendale has 20,264 square feet of built space according to a PincusCo analysis of city data. The parcel has four buildings with frontage of 195 feet and is 100 feet deep with a total lot size of 18,654 square feet.
The industrial building 2035 Richmond Terrace in Port Richmond has 1,800 square feet of built space and 102,440 square feet of additional air rights for a total buildable of 104,000 square feet according to a PincusCo analysis of city data. The parcel has two buildings with frontage of 75 feet and is 337 feet deep with a total lot size of 52,000 square feet.
Direct link to the 79-20 71st Avenue’s ACRIS page
Direct link to the 2035 Richmond Terrace’s ACRIS page