Courts roundup: Bed Bath & Beyond wants out on 125th Street; 4 small foreclosures

Courts roundup for Wednesday, May 12, 2021: There were no commercial bankruptcies and four commercial foreclosures all below $4 million.

Please note that court filings are the position of one party and are not necessarily accurate or complete.

Bed Bath & Beyond seeks to terminate 30K Harlem lease: The giant home retailer Bed Bath & Beyond is seeking to terminate its approximately 30,000-square-foot Harlem lease at 5 West 125th Street, a property owned by Aurora Capital Associates and Alex Adjmi’s ACHS Management. The lease was first disclosed in 2014. The effort to terminate the lease was revealed in a lawsuit brought by Aurora and ACHS seeking a judge’s order declaring the lease remains in force.  According to the complaint, “The Lease by its terms expires on January 31, 2027… By letter dated December 9, 2020, Defendant stated the following: ‘Please take notice that Tenant hereby exercises its right to terminate the Lease pursuant to the provisions in Section 4.5 of the Lease . . . This notice shall constitute the Cancellation Notice under Section 4.5 of the Lease. The Surrender Date shall be on June 11, 2021…’ By letter dated December 15, 2020, Plaintiff rejected Defendant’s Notice of Termination. ” LINK

Sharestates files to foreclose $3.4M Brooklyn loan: Sharestates filed to foreclose on the $3.4 million loan secured by 1055 East 34th Street, Brooklyn. According to the complaint, “The defendants have failed to comply with the conditions of said mortgage by omitting to pay the installments of $24,300.01 each and the escrow money for taxes which became due on 04/01/20 and subsequent thereto, or within 10 days thereafter, and same not having been paid, plaintiff has declared the entire amount due. Furthermore, said loan matured on 10/1/20.” LINK

Hirshmark files to foreclose on $3.25M Bronx loan: Hirshmark Capital filed to foreclose on the $3.25 million loan secured by 1183 Gerard Avenue, Bronx. Hirshmark bought the loan with an original principal of $3.25 million from Capital One in December 2019. LINK

Two small Brooklyn foreclosures: $1 million foreclosure at 1463 Dean Street, Brooklyn, and a $300,000 foreclosure at 2319 West 12th Street, Brooklyn.