Courts roundup: Madison to acquire bankrupt portfolio valued at $150M, small foreclosures

Courts and litigation roundup covering filings on Friday, February 12:

There were no real estate-related bankruptcies filed Friday in New York City.
There were five commercial mortgage foreclosure filed, totaling $6 million, noted below.

The debtors approved the Chapter 11 plan that will allow the 15 East Village buildings once owned by Raphael Toledano to transfer title to Madison Realty Capital, the lender and current manager of the properties. The portfolio was put into bankruptcy in 2017. The properties, including 223 East 5th Street, would transfer to Madison Realty at a valuation of $150 million through a credit bid, according to a proposed purchase and sale agreement. As part of the agreement, Madison is to provide $1 million to tenants in rent credits, The Real Deal reported in December.  Purchase Sale Agreement 021021

The five commercial mortgage foreclosure cases, all in Queens, were: $2 million at 34-21 9th Street in Astoria, LINK; $1.4 million at 190-02 Jamaica Avenue in Hollis, LINK; $1.37 million at 279 Saint Nicholas Avenue in Ridgewood, LINK; $885,000 at 127-20 Liberty Avenue in Richmond Hill, LINK; and $450,000 at commercial condo unit 1B at 82-25 Queens Boulevard in Elmhurst, LINK.