Courts roundup: Foreclosure updates for Thor, Croman, Magnum
446 West 14th Street (Credit - Google)
$24.7M foreclosure sale approved for Thor Meatpacking retail: Manhattan State Supreme Court Justice Jennifer Schechter signed an order on January 2, 2024, approving a foreclosure sale of the Thor Equities retail and office property 446 West 14th Street, in the Meatpacking District. The referee Julian White has not yet set a sale date, however, in a December 2023 court filing, White set the total judgment at the time at $24.7 million. Joe Sitt’s Thor Equities bought the building in 2007 for $23.4 million.
Maverick Real Estate Partners, a lender, bought the defaulted note in November 2022, and in January 2023 filed the pre-foreclosure action.
Case 850017/2023 LINK
Direct link to the property’s ACRIS page
$13.7M foreclosure sale date set for Magnum Chelsea building: Referee Mark L. McKew set a February 7, 2024, sale date for the Chelsea three-unit building at 241 West 14th Street that Ben Shaoul’s Magnum Real Estate Group bought in 2006 for $8.75 million. The lender 241 Norwood LLC, is in care of Starwood Property Trust, and bought the note in October 2021.
Case 850055/2022 LINK
Direct link to the property’s ACRIS page
$34.6M judgment set on Croman Kips Bay multifamily: Referee Matthew Hunter III calculated the total judgment due on four multifamily buildings Croman Real Estate owns at 208 to 214 East 25th Street in Kips Bay, at $34.6 million, according to a document filed in the case on January 5, 2024. The bulk of the judgment is $22.75 million owed on the principal, and $10.9 million in default interest. No sale date has been set for the buildings.
BankUnited sold the loans to Maverick Real Estate Partners on August 12, 2021. BankUnited made the $25 million loan to Croman Real Estate on March 30, 2016. Maverick filed the pre-foreclosure action in August 13, 2021.
Case 850189/2021 LINK
Direct link to the property’s ACRIS page