Courts roundup: $71M in 3 pre-foreclosures at Namdar, Madison Realty Capital, Yoel Goldman assets

Lenders filed commercial pre-foreclosure actions on Friday where the combined original debt totals more than $71 million, at properties affiliated with owners such as Namdar Realty Group, Madison Realty Capital and Yoel Goldman.
Namdar and Madison Realty Capital are large companies holding billions of dollars in assets. Namdar has purchase several office buildings in Manhattan, taking advantage of the steep decline in values for that asset class.

In the largest, the Blackstone Group, as buyer of Signature Bank loans, alleges a $55 million loan provided August 9, 2022, to Namdar Realty Group and Dynamic Star, secured by 2444 Exterior Street, West 192nd Street, 2371 Exterior Street, 2391 Exterior Street and 2401 Exterior Street in Fordham Manor, the Bronx, was in default.
Court records represent the position of one party and are not necessarily accurate or complete.
Case LINK

According to the complaint, “In breach of its obligations, Borrowers failed to pay the November 7, 2024 Payment as required under the Extension Agreement and monthly payments due and owing under the Loan Documents, as modified by the Extension Agreement, causing an Event of Default (the “Payment Default”). Additionally, Borrowers failed to cure all of the liens and violations in breach of their obligations under Section 16 of the Extension Agreement…”

Direct link to the property’s ACRIS page.

In the second-largest, Santander Bank alleges an $11 million loan secured by All Year Management property 392 St. Marks Avenue in Crown Heights, Brooklyn, was in default. Investors Yoel Goldman and Mordechai Adler are identified as guarantors in the complaint.
The elevator building with 24 residential units in Crown Heights has 27,125 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 42 feet and is 128 feet deep with a total lot size of 5,461 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The property has a 421A exemption that started in 2009 and expires in 2034. The city-designated market value for the property in 2022 is $2.5 million.

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According to the complaint, “Borrower further defaulted under the terms of the Loan Documents by, inter alia, failing to pay down the principal balance of the Loan sufficient to maintain the Minimum DSCR for fiscal years 2021 and 2022 (collectively, the “DSCR Default”)… Borrower further defaulted under the terms of the Loan Documents by, inter alia, failing to pay the outstanding balance of the Loan and all accrued and unpaid interest thereon together with all other amounts due to Plaintiff under the Loan Documents by the Maturity Date of June 1, 2022… Total Due as of 01/09/25: $14,189,502.09”
Direct link to the property’s ACRIS page

In the third, Blackstone Group filed an action to initiate foreclosure for the $5.8 million loan secured by Madison Realty Capital’s 392 Clinton Avenue in Clinton Hill, Brooklyn. The walkup building with 16 residential units in Clinton Hill has 16,720 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 44 feet and is 100 feet deep with a total lot size of 4,400 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Clinton Hill Historic District. The city-designated market value for the property in 2022 is $1.8 million.

Case LINK

According to the complaint, “The Borrower failed to comply with the terms and provisions of the Loan Documents, specifically the Note and Mortgage, by failing to make the required monthly payments due under the Loan Documents for October 1, 2023, and thereafter (“Default”). 46. By, among other things, letter dated January 8, 2025 (“January 8, 2025 Letter”) the Plaintiff advised the Borrower and the Guarantors of the foregoing Default. A true and correct copy of the January 8, 2025… [the lender] called due and immediately payable the entire principal balance remaining unpaid on the Note, in the amount of $5,049,092.65…”
Direct link to the property’s ACRIS page