Courts roundup: Signature files second pre-foreclosure against Sugar Hill, $11M Gramercy sale suit

228 Third Avenue aka 151 East 19th Street (Credit - Google)

Signature files $16.8M pre-foreclosure against Sugar Hill, second suit in month: Signature Bank filed a pre-foreclosure suit against Sugar Hill Capital Partners seeking to foreclose on a $16.8 million loan provided in October 2021, and secured by the Harlem properties 376 West 127th Street, 510-512 West 146th Street, 617 West 143rd Street and 638 West 160th Street. According to the complaint, “Defendants [Sugar Hill Capital Partners’ LLCs] defaulted under the terms of the Amended and Restated Note and Consolidated Mortgage as a result their failure to pay the monthly payment amount of $74,003.00, due on August 10, 2022, and the monthly payments due on the tenth day of each month thereafter.”
Court filings represent the positions of one party and are not necessarily accurate or complete.
Signature Bank filed its first pre-foreclosure action in New York City of at least $1 million earlier this month against Sugar Hill, seeking to foreclose on a $16 million loan. LINK

$11.3M Third Avenue Gramercy mixed-use sale falls through: A property owner claims the contract vendee for an $11.3 million sale of the 20-unit 151 East 19th Street, also known as 228 Third Avenue, in Gramercy, did not close as scheduled.
In this suit, the property owner, with the signatory Christine Raymond-Martin, seeks to retain a $1.695 million deposit after the putative purchasers did not close on October 27.
According to the complaint, “Plaintiff, as Seller, and Defendants, collectively as Purchaser, entered into a written Agreement of Sale made as of July 19, 2022, as amended by written First Amendment to Contract of Sale made as of July 26, 2022 for the sale of the Property for the purchase price of $11,300,000…Pursuant to Section 2.1 of the Contract, Purchaser was required to make an initial payment of $1,695,000.00 simultaneous with its execution of the Contract… with the balance of the Purchase Price due at the closing of the sale. The Scheduled Closing Date shall be October 27, 2022, with time being of the essence as to Purchaser’s obligation to close on or before the Scheduled Closing Date in accordance with Section 3.1 of the Contract. LINK

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