Courts roundup: $5.6M pre-foreclosure in Ridgewood, $3M in Harlem, $3.78M alleged deed fraud

$5.6M pre-foreclosure at Ridgewood new construction: Lender Flushing Bank filed a $5.6 million pre-foreclosure at newly built properties 1816 Gates Avenue and 1814 Gates Avenue in Ridgewood, Queens, alleging a maturity default on the loan, due to be repaid in December 2023. The complaint was filed in Brooklyn State Supreme Court on January 31, 2024. Case LINK

Court filings represent the position of one party and are not necessarily accurate or complete.

According to the complaint, “On or about May 17, 2018, Samsol [the owner] executed and delivered to Empire National Bank a Mortgage and Security Agreement (“Mortgage”) in the principal sum of $5,600,000 with interest, mortgaging the premises known as 1814 and 1816 Gates Avenue, Ridgewood, New York 11385 (“Premises”) as collateral security for the Note…. On or about June 29, 2023, Samsol and Flushing Bank (successor by merger to Empire National Bank) executed and delivered a Modification and Extension Agreement (the “Modification”), effective as of June 1, 2023, extending the Initial Maturity Date to December 1, 2023 (the “Extended Maturity Date”)…. Samsol defaulted on its obligations under the terms of the Note and Mortgage by failing and omitting to pay to Plaintiff the payment of the entire principal balance plus interest due on the Extended Maturity Date… By reason of the foregoing default, there is now due and owing from Samsol to Plaintiff the principal sum of $4,997,497.70 plus interest…” The alleges guarantors are Solomon Jacobowitz and Shie Lefkovits.

Direct link to the property’s ACRIS page.

$3M pre-foreclosure in Harlem: Lender Piermont Bank alleges a $3 million loan secured by the rental building 315 West 121st Street in Harlem is in default, and the bank is seeking to foreclose on the loan. The walkup building with 20 residential units in Harlem has 9,715 square feet of built space and 378 square feet of additional air rights for a total buildable of 10,088 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,522 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.1 million. The alleged guarantor is Bradley Simmons. Case LINK

Direct link to the property’s ACRIS page

Church pastor alleges $3.78M fraudulent deed transfer in College Point: Plaintiff, Canaan Yipsung Church, which was the former owner of 13-21 College Point Boulevard and 13-15 College Point Boulevard, alleges they were sold in August 2023 for $3.78 million in a fraudulent transaction structured by the interim pastor of the church, while the senior church leader was away on leave in Korea. Canaan Yipsung Church wants to void the deed transfer. Case LINK

The property 13-21 College Point Boulevard has 12,192 square feet of built space according to a PincusCo analysis of city data. The parcel has two buildings with frontage of 83 feet and is 213 feet deep with a total lot size of 10,849 square feet. The lot is irregular. The zoning is R4A which allows for up to 0.75 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.5 million.

Direct link to the property’s ACRIS page.