Courts roundup for pre-foreclosures: $9.4M in East Williamsburg, $7.6M in Greenwood Hts., $4.5M in PLG

$9.4M East Williamsburg warehouse pre-foreclosure: Cathay Bank filed a $9.4 million pre-foreclosure against the owner of the warehouse building at 1150 Metropolitan Avenue in East Williamsburg, Brooklyn.
Case LINK
Court filings represent the position of one party and may not be accurate or complete.

The original $12 million loan had a maturity date of May 1, 2024. The lender alleges the loan was not repaid and is now in default. According to the complaint, “As of May 16, 2024, the total amount due to Cathay under the terms of the Loan Documents was in an amount not less than $9,408,236.06 (comprised of principal in the amount of $9,190,869.77, accrued and unpaid interest in the amount of $115,523.79, late charges in the amount of $5,842.50…” Peng Guang Weng was identified as managing member for the $12 million loan for the acquisition of the property on January 22, 2015 for $16.128 million.

The industrial building in East Williamsburg has 83,600 square feet of built space and 72,565 square feet of additional air rights for a total buildable of 156,054 square feet according to a PincusCo analysis of city data. The parcel has frontage of 238 feet and is 304 feet deep with a total lot size of 78,027 square feet. The lot is irregular. The zoning is M3-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $7.7 million.
Direct link to the property’s ACRIS page.

$7.58M school development pre-foreclosure filed in Greenwood Heights: Lender Self-Help Credit Union alleges a construction loan provided for the development of a school building at 156-160 17th Street in Greenwood Heights, Brooklyn, is in default.

Case LINK

In December 2020, Louis V. Greco Jr. as signatory obtained a construction loan up to $16.6 million from Self-Help Credit Union. According to the complaint, “Defendant La Mirada has failed to comply with the terms of the Notes and/or the Building Loan Mortgage, Project Loan Mortgage and Land Loan Mortgage (hereinafter, collectively, the “Mortgages”) by failing to pay the monthly payment amount of principal and interest due on January 31, 2024 and each subsequent payment… As of the date of default, the principal balance due and owing pursuant to the terms of the Note and/or Mortgage is $7,576,759.”

Louis Greco Jr. submitted a new building construction project for a 78,076 square-foot educational (E) building at 160 17th Street in Greenwood Heights, Brooklyn. The plan was filed with the New York City Department of Buildings on October 19, 2017 under job number 321191517 and was permitted on December 18, 2020. It calls for the construction of a nine-story building.

The parcel has frontage of 60 feet and is 121 feet deep with a total lot size of 6,935 square feet. The lot is irregular. The zoning is M1-2D which allows for up to 2 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $478,000.

Direct link to the property’s ACRIS page.

$4.5M Prospect Lefferts Gardens dev site pre-foreclosure: A lender using the name Brooklyn Lender LLC, with an office in Las Vegas, filed a $4.5 million pre-foreclosure action against the owners of a development site at 1935 Bedford Avenue, in Prospect Lefferts Gardens, Brooklyn. Accountant Yaniv Jerassy-Etzion is identified as managing partner of Brooklyn Lender LLC in court records.
Case LINK
In May 2022, Jonah Bamberger and Zvika Chalamish through the entity 1935 Bedford Apts LLC paid $3.8 million for the parcel, and borrowed $4 million according to city records. The court filing states they borrowed an additional $530,000 as well, but that was not recorded.

Direct link to the property’s ACRIS page.