Courts roundup: $20M sought from Brooklyn school; Sela Group alleges broken contract, more

There were no real estate bankruptcies of note filed on Friday, March 12, 2021 or over the weekend.

Please note that court filings are the positions of the plaintiffs and are not necessarily complete or accurate.

Bank seeks $20M lent to Sheepshead Bay school: The Turkish bank Muflis Asya Katilim Bankasi is seeking $20 million from the Brooklyn Amity School, located at 3867 Shore Parkway in Sheepshead Bay, Brooklyn. The complaint alleges the bank lent at least $15 million and none of that has been repaid, and to secure that loan the school gave the lender a $4.5 million mortgage as security. The bank is seeking a foreclosure and sale of the property. LINK

Sela Group alleges broken LIC purchase agreement: Gal Sela’s Sela Group alleges that it signed an agreement to purchase a hotel at 29-11 39th Avenue, in Long Island City, Queens, but the deal stalled. The complaint alleges the property owner and lender had not been in agreement as to a payoff, causing delays in the closing. The loan had an original principal value of $8 million. Sela seeks $1 million. LINK

$1.5M commercial foreclosure on Bronx parcel: An entity that bought the $1.5 million note secured by the 11-unit rental at 1050 Lowell Street in the Bronx filed to foreclose on the loan. LINK