Courts roundup: $42M pre-foreclosure in North Corona, $6M pre-foreclosure in Lower East Side

$42M pre-foreclosure in North Corona: Fundamental Partners filed to foreclose on a 112-24 Astoria Boulevard in North Corona, Queens, which secures $42.75 million in debt. The owner is David E. Marx, LGA Hospitality LLC and Marx Development Group. According to the complaint, “Fundamental seeks summary judgment in lieu of complaint based on Marx’s failure to meet his obligations as guarantor for borrower LGA Hospitality LLC (“LGA”), which has committed numerous defaults under a Loan Agreement and collateral loan documents, including several payment guaranties…. As a result of LGA’s numerous defaults—payment-related or otherwise—Fundamental was entitled to accelerate all monies due and owing under the Loan Agreement, including the outstanding principal balance of the loan, accrued and unpaid interest, and all other sums due, which it did on June 23, 2022. Under the Limited Payment Guaranty (as defined below), Marx assumed responsibility for 30% of the accelerated amounts in an amount totaling at least $13,102,767.44. Despite numerous notices and requests, Marx has failed to pay the amounts owed in connection with this provision of the guaranty. Marx as guarantor owes Fundamental amounts certain and easily calculable, entitling Fundamental to summary judgment in lieu of complaint in accordance with CPLR 3213.”
On these lots, there is one active new building construction project for a 126-unit, 48,401-square-foot R-1 building. The project was developed by David Marx with plans filed January 9, 2013 and permitted August 22, 2019.
LINK

$6M pre-foreclosure in Chinatown: Maguire Capital filed to foreclose on $6 million in debt secured by 328 Grand Street in the Lower East Side, Manhattan, which is divided into seven commercial condominium units owned by Choy Ling Lam. LINK