Courts roundup: Kalimian-Amirian settlements, $15M Clinton Hill note sale, $13.7M Chelsea auction

Four Kalimian-Amirian portfolio lawsuits settled: Four long-running lawsuits related to disputes over the management of portions of a large portfolio owned by members of the Kalimian and Amirian families have been settled or otherwise disposed of, the most recent ending yesterday.

The lawsuits generally revolved around management of assets in the portfolio. For example in one lawsuit, 654615/2022, filed in December 2022, related to 259 West 10th Street, 140 Wooster Street and 142 Wooster Street, the plaintiffs state,  “The nature of this action is a claim for breach of operating agreement, unjust enrichment, breach of implied contract-in-fact, and breach of fiduciary duty. The damages are in an amount in excess of $1,000.000.” That suit was discontinued in July 2023.

A defamation-related case filed in 2022 159035/2022, was discontinued in February 2023. A Nassau County suit 616344/2022 related to 150 Amsterdam Avenue in Lincoln Square, Manhattan was discontinued on May 1, 2024.

The most recent case filed, 655134/2023, also alleging property mismanagement totaling more than $5 million, was discontinued yesterday, on May 9, 2024.

$15M Clinton Hill note sale: A $15.1 million loan secured by Serabjit Singh Malhotra’s 257 Washington Avenue in Clinton Hill, Brooklyn was purchased by an anonymous buyer through the name 257 Wash Note LLC, in care of Wachtel Missry attorney Ralph Dweck. The property is subject to two lawsuits including an ongoing pre-foreclosure suit Valley National Bank filed against Malhotra in August 2022.

Valley National Bank sold the note to the unidentified buyer. Serabjit Singh Malhotra bought the property from Brookland Capital for $13.5 million on July 31, 2019. The other lawsuit was a $31.8 million money judgment concerning a judgment filed on April 26, 2024, by A10 Capital against Serabjit Singh Malhotra.

The note sale has not yet been recorded in property records.

The property in Clinton Hill has 29,250 square feet of built space and 2,719 square feet of additional air rights for a total buildable of 31,998 square feet according to a PincusCo analysis of city data. The parcel has frontage of 80 feet and is 200 feet deep with a total lot size of 15,999 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The property is in the Clinton Hill Historic District. The city-designated market value for the property in 2022 is $3.6 million.

Direct link to the property’s ACRIS page.

$13.7M Chelsea landmarked townhouse auction scheduled: A referee scheduled the auction of the Chelsea, Manhattan townhouse at 241 West 14th Street, that has a judgment of $13.7 million, for June 12, 2024, at the New York County Courthouse at 60 Centre Street in Lower Manhattan. An affiliate of Starwood Property Trust filed the pre-foreclosure action, 850055/2022, in March 2022 against the property owner, Benjamin Shaoul’s Magnum Real Estate Group. The property is an individual city landmark built in 1847, the Andrew Norwood House.

The property with three residential units in Chelsea has 7,830 square feet of built space and 10,294 square feet of additional air rights for a total buildable of 18,120 square feet according to a PincusCo analysis of city data. The parcel has frontage of 29 feet and is 103 feet deep with a total lot size of 3,010 square feet. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The property is an Individual Landmark. The city-designated market value for the property in 2022 is $17.8 million.

Direct link to the property’s ACRIS page