Courts roundup: $16.6M pre-foreclosure in Bushwick; Chetrit sued by brother’s estate

TD Bank files $16.6M pre-foreclosure in Bushwick: TB Bank alleges two types of default on a $16.6 million loan secured by a 32-unit mixed-use building, 1595 Broadway, in Bushwick. The alleged defaults are over loan-to-value and the sale of a minority interest. The complaint does not allege a payment or maturity default, the most common types of defaults in pre-foreclosure cases.
Court cases reflect the position of one party and are not necessarily accurate or complete.
Case 520722/2025 LINK

This is a 32-unit retail, community facility and residential rental building, divided into four commercial condo units in 2020. The borrower is identified in court records are Martin Joseph. is TD Bank gave the loan in 2019. According to the complaint, “1595 Broadway is in default of Section 1.25 commonly known as the “due on sale clause the Borrower’s 2023 Tax Return provided to Lender reflected that Martin Joseph had transferred (30%) percent of his membership interest in the Borrower. The transfer of the Borrower’s membership interest was completed without the approval of the Lender… the Borrower must maintain at all times a loan-to-value ratio of sixty-six (66%) percent pursuant to an appraisal procured by the Lender dated November 11, 2024, the Borrower is not currently maintaining the Required LTV…Pursuant to the TD Mortgage, upon the occurrence of an LTV Default, Borrower agreed to cure the Default within fifteen (15) days of notice from Lender by either (i) reducing the outstanding principal balance by an amount necessary to maintain the Required LTV, which the Lender currently calculates as $2,363,536.84, or (ii) pledging such additional collateral as may be reasonably acceptable to Lender to maintain the Required LTV… the principal sum of $14,737,785.55 plus…” Page 16
Direct link to the property’s ACRIS page

Estate of Jacob Chetrit alleges $21M loans extended to brother are in default: A summons filed Friday in New York State Supreme Court alleges Meyer Chetrit borrowed — or that Jacob Chetrit covered Meyer Chetrit’s obligations — for real estate investments in Manhattan, as well as others in Florida, Ohio, Illinois and Louisiana, and that money has not been repaid.
Case LINK

According to the summons, “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.”

The largest, for $10 million, was for the Carter Hotel at 250 West 43rd Street, between 2017 and 2018.