Courts roundup: $9.5M Nolita walkup dispute, Klosed sues over $3.7M contract, $4.1M Bronx ownership dispute

$9.5M Nolita ownership dispute: Plaintiff Lillian Trentacosta is the widow of the late Joseph Trentacosta. Joseph was a shareholder in the corporation 260 Mott Street Realty Corp., formed in 1961, that owns the nine-unit walkup-over-retail building estimated to be worth $9.5 million. Joseph died in May 2022 and Lillian claims she inherited the shares, but that the corporation is no longer sending distributions. She seeks a dissolution of the company and a restraining order placed on the other owners, but does not expressly seek a sale.

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

The complaint has two figures for her stake: as a “16.67% shareholder” and a “holder of 25% of all outstanding shares entitled to vote.”

According to the complaint, “The Petitioner has already been damaged potentially in the tens of thousands of dollars and continues to be substantially damaged by virtue of the fact that profits and dividends due to her are being taken by the individual Respondent… The fair market value of the asset is substantial. It is believed that the value of the property is approximately [$9.5 million]… ” The walkup building with nine residential units in Nolita has 7,141 square feet of built space and 3,498 square feet of additional air rights for a total buildable of 10,637 square feet according to a PincusCo analysis of city data. The parcel has frontage of 19 feet and is 89 feet deep with a total lot size of 1,767 square feet. The zoning is C6-2 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential. The city-designated market value for the property in 2022 is $4.4 million. Court LINK
Direct link to the property’s ACRIS page.

Klosed sues contract seller over stalled $3.7M sale: According to the complaint, Klosed Properties alleges, “On or about December 1, 2021 [Klosed] as purchaser and Defendant Pernilla LLC as seller entered into a contract of sale for real property located at 315 East 58th Street, Sutton Place, New York, for a purchase price of $3,700,000…”

Klosed made three payments of $185,000 each totaling $555,000 as a down payment. The seller allegedly agreed that on the closing date of December 31, 2022, the property would be “delivered vacant and free of all leases, tenancies and occupants.” On January 3, 2023, Pernilla LLC notified Klosed that, it ” was unable to deliver the Property vacant because a tenant of the Property refused to vacate the Property “without an exorbitant buy-out [that Defendant PERNILLA LLC] will not pay.”

On February 1, Pernilla LLC notified Klosed it could not perform, and in addition is notified that 30 days had passed since the closing date, and therefore Klosed had waived its rights to file suit for specific performance. Klosed denies that.

The walkup building with 10 residential units in Sutton Place has 8,630 square feet of built space and 16,472 square feet of additional air rights for a total buildable of 25,110 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 2,511 square feet. The zoning is C1-9 which allows for up to 2 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 $4.5 million. Court LINK
Direct link to the property’s ACRIS page. 

$4.15M Bronx ownership dispute: The entity 6 Babahz LLC, controlled by investor Shahab Berokhim, filed the suit over control of the 25-unit rental property at 2115 Mohegan Avenue in West Farms, the Bronx. Berokhim sold the property to Nathan Rosenberg in 2019 for $4.15 million, and $3 million in debt was assumed by Rosenberg.

It’s unclear from Acris records or the summons why Berokhim would have a claim on the property, there is no alleged contract or sale or partnership described in the summons.

This summons seeks to a declaration that Berokhim’s entity owns a stake in the property, that it not be transferred without the plaintiff’s consent, and other issues related to the loan. The walkup building with 25 residential units in West Farms has 19,800 square feet of built space according to a PincusCo analysis of city data. The property is owned by Joseph Khalili. The parcel has frontage of 66 feet and is 72 feet deep with a total lot size of 4,796 square feet. The zoning is R7-1 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.3 million. This property was sold for $4.2 million on May 15, 2019. Court LINK
Direct link to the property’s ACRIS page.