Courts roundup: ASLD affiliate files $6.3M in pre-foreclosures, $2M East Flatbush bankruptcy

An affiliate of Steve Hackel’s ASLD Realty, CI Realty, filed two pre-foreclosure actions yesterday against owners of two properties in New York City for a total of $6.3 million.

In the larger, CI Realty filed to foreclose on Nikolaos Fillas’s entity, which owns 24-09 41st Avenue and 24-11 41st Avenue in Long Island City, Queens. The Fillas entity acquired the parcel in 2000, and in May 2017 borrowed $4.3 million from Nassau Educators Federal Credit Union, which is now known as Jovia Financial, which sold the loan to CI Notes on June 2, 2023. According to the complaint, the loan was not paid by the maturity date of June 1, 2023.
The office building 24-09 41st Avenue in Long Island City has 10,000 square feet of built space and 4,999 square feet of additional air rights for a total buildable of 14,997 square feet according to a PincusCo analysis of city data. The parcel has frontage of 50 feet and is 100 feet deep with a total lot size of 4,999 square feet. The zoning is M1-2/R6A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.4 million. The most recent loan totaled 0.0 and was provided by CI Notes on June 2, 2023.
In the smaller property, the office building at 24-11 41st Avenue in Long Island City has 7,100 square feet of built space and 399 square feet of additional air rights for a total buildable of 7,497 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 2,499 square feet. The zoning is M1-2/R6A which allows for up to 2 times floor area ratio (FAR) for manufacturing and up to 3 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $1.1 million. The most recent loan totaled 0.0 and was provided by CI Notes on June 2, 2023.
LINK
Direct link to the property’s ACRIS page and link to DOB NOW portal.

CI Realty also filed to foreclose on the owner of 616 Myrtle Avenue and 618 Myrtle Avenue in Bedford Stuyvesant, Brooklyn, with $2.4 million in alleged debt. Divlong Properties bought the buildings in November 2020 for $2.4 million and borrowed up to $5,420,700 in November 2020 from Patriot Bank as a construction loan. Patriot Bank sold the loan to CI Notes in April 2023.

The property at 618 Myrtle Avenue in Bedford Stuyvesant has 1,850 square feet of built space and 5,616 square feet of additional air rights for a total buildable of 7,464 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 74 feet deep with a total lot size of 1,866 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 $254,000. The most recent loan totaled 0.0 and was provided by CI Notes on April 3, 2023.

The mixed-use building at 616 Myrtle Avenue with 3 residential units in Bedford Stuyvesant has 3,000 square feet of built space and 4,497 square feet of additional air rights for a total buildable of 7,496 square feet according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 75 feet deep with a total lot size of 1,874 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 $349,000. The most recent loan totaled 0.0 and was provided by CI Notes on April 3, 2023.
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$2M bankruptcy in East Flatbush: Athanasios Saketos filed a bankruptcy petition in Brooklyn for two single-story commercial properties at 34 East 29th Street|2815 Tilden Avenue in East Flatbush, Brooklyn. The original Maspeth Savings and Loan loan is from 2008 and for $773,000. The total lien now is $1.496 million, according to the filing in Brooklyn State Supreme Court, 25036/2011. The judgment of foreclosure and sale was signed in May 2022, and scheduled for June 15, 2023.  The petition estimates the property is worth $2 million based on “Zillow.”