Courts roundup: JDS puts LLC of successful Park Slope condo in bankruptcy

Courts roundup for Tuesday June 1, 2021: There was one commercial bankruptcy and five commercial foreclosures, but all the foreclosures were approximately $1 million or less.

JDS put Park Slope owner entity in bankruptcy:  Michael Stern of JDS Development Group put his development owner entity JDS Fourth Avenue LLC into bankruptcy with a filing in Delaware yesterday. That entity has a 50-percent stake in the condo development at 613 Baltic Street in Park Slope, Brooklyn. The other 50 percent is owned by Baltic Fourth LLC, controlled by the Tonacchio family of Staten Island. The Tonacchios and Stern has been locked in litigation since 2018. The estimated assets and estimated liabilities of JDS Fourth Avenue LLC were listed each between $1 million and $10 million. Michael Stern, founder of JDS Development, signed the petition. Even as the JDS entity owns half the project, it has significant partners including Nissin Ben-Nun and Nicholas Warner, who together own 49 percent of the entity that filed for bankruptcy, JDS Fourth Avenue LLC. PincusCo’s new development condo tracker shows the project as virtually sold out.