Courts roundup: 2 pre-foreclosures totaling $17.5M; partition suit estimated at $7.4M

Peny & Co. files $10.7M pre-foreclosure in West Farms: Peny & Co. filed a pre-foreclosure at 2067 Mohegan Avenue and 2060 Crotona Parkway in the Bronx. According to the complaint, “Due to the Events of Default, on December 15, 2023, Plaintiff caused to be issued to Obligors a Notice of Default… As of February 29, 2024, the following sums are due and owing to Plaintiff, exclusive of attorneys’ fees and costs: Principal Balance: $10,711,470.34 …Total Amount Due: $12,764,437.46”

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Partition suit estimated at $7.4M in Maspeth: Members of the Hanfling family cannot reach an agreement on how to manage the Maspeth property, according to a court filing. According to the complaint, “Over the last four years, Petitioner and Respondent became embroiled in disagreements and business disputes that are so severe that there is no confidence and cooperation between them. 4. Respondent seized control of the assets and bank accounts of the Corporation and denied Petitioner access to such assets… On the First Claim for Relief, pursuant to BCL §§ 1104(a)(1) and 1104 (a)(3), directing that (i) the Corporation be dissolved, (ii) the Building be sold by and under the direction of the Court, and (iii) an accounting of the Corporation be performed.” The city market value is $3.7 million, which is typically about half the actual value. The industrial building in Maspeth has 51,749 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 220 feet and is 108 feet deep with a total lot size of 37,689 square feet. The lot is irregular. The zoning is M1-1D which allows for up to 1 times floor area ratio (FAR) for manufacturing.

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Bank of America filed $6.8m pre-foreclosure in Grand Central: The owner of 13 East 37th Street in Grand Central, Abraham Nahamias, borrowed $6.8 million in November 2018. The office building at 13 East 37th Street in Grand Central has 17,819 square feet of built space and 6,861 square feet of additional air rights for a total buildable of 24,680 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 98 feet deep with a total lot size of 2,468 square feet. The zoning is C5-2 which allows for up to 10 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $3 million. According to the complaint, “First Default Date: December 1, 2023 18. By letter dated February 16, 2024 (says 2023), Plaintiff accelerated the Note. A copy of the Acceleration Letter sent to Borrower is attached hereto as Exhibit E.

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