Courts roundup: $16.4M Brooklyn foreclosure; One Hanson sues to foreclose on Madison Realty retail affiliate
Courts roundup for May 25, 2021: There were no commercial bankruptcies above $5 million and there was one foreclosure filing above $5 million.
Court filings are the positions of one party and may not be accurate or complete.
Affiliate of Allied Properties files to foreclosure on $16.4M Brooklyn office loan. Signature Lien Acquisitions III, an affiliate of Tim Ziss’s Allied Properties, bought a note with an original principal of $16.4 million on April 19, 2021, from New York Community Bank, secured by 9201 4th Avenue. According to the complaint, “The Premises consists of a 7-story general office building (the “Building”) with an underground parking garage (261 spaces), located on a property size of approximately 79,235 square feet. The Building size consists of approximately 107,140 square feet.” “According to Management’s Certified Reports, the current use of the Mortgaged Property consists of twenty three (23) commercial space units. As of September 1, 2020, Management certified the Building was occupied by eighteen (18) commercial tenants and five (5) vacancies. In particular, Management certified, as of September 1, 2020, that the contractual monthly gross rents were $203,717.67. Management certified the monthly gross rents were comprised of occupied rents of $192,708.16 and vacant rents of $11,009.51, and that the total monthly income collected was $94.434.43.” In case 518451/2019, investors claim self-dealing and fraud in the owner entity.” “On or about April 1, 2020, SPL Partners defaulted on its obligations” and the bank provided a forbearance, then a second forbearance. SPL defaulted on the second forbearance and the note was sold, according to complaint.
One Hanson board files to foreclose on Madison Realty’s retail: The board of the residential condominium tower One Hanson Place filed a pre-foreclosure suit seeking the sale of the retail condo on the ground floor of the building. The board alleges $394,190 in unpaid condo payments and fees. The owner of the retail is the entity OHP Retail Owner LLC, which is a company owned by Madison Realty Capital and Siguler Guff & Company, according to financial documents. OHP borrowed $22.25 million from Amherst Capital Management in 2018.