Courts roundup: Sioni Capital files $16M pre-foreclosure in Flushing, Alberto Safra sues family over stake worth billions

Sioni Capital files $16M pre-foreclosure in Flushing: Ray Yadidi of Sioni Capital sent an acceleration notice to the borrower, claiming $16.1 million was due on the loan with an original principal of $12.975 million, secured by 34-20 Linden Place in Flushing, Queens. According to the filing, “As of [this] date, the total amount due the Plaintiff from Defendant Linden through and including January 3, 2023 is $16,144,075.21.” The mixed-use building in Flushing has 67,197 square feet of built space according to a PincusCo analysis of city data. The property is owned by Ching Lam. The parcel has frontage of 98 feet and is 250 feet deep with a total lot size of 29,323 square feet. The lot is irregular. The zoning is M1-1 which allows for up to 1 times floor area ratio (FAR) for manufacturing The city-designated market value for the property in 2022 is $8.3 million. The most recent loan totaled 0.0 and was provided by Sioni Group on April 20, 2022. This property was sold for $20.5 million on November 21, 2017. LINK

Court filings are the positions of one party and are not necessarily accurate or complete.

Alberto Safra sues brothers, mother over stake worth billions: This is part of a many-years feud between Alberto and his brothers, in which Alberto alleges his stake in the bank has been reduced improperly. He is seeking a reinstatement of his stake to levels prior to his father’s death in 2020. Reuters and others covered the filing yesterday. According to the filing,  “At that time – and until his death on December 10, 2020 – Joseph held all voting rights in SNBNY, while his children held non-voting shares. Alberto, along with his brothersDavid and Joseph, each held 28,000,000 out of the 100,000,000 outstanding Class B shares in SNBNY, while Alberto’s sister, Esther, held 16,000,000 such shares. On December 4, 2019, David and Jacob, with the knowledge of Vicky, caused SNBNY to pass a series of resolutions that could be used, together with certain necessary accounting changes and board action, to dilute Alberto’s interests. While the Family Defendants claim that Joseph passed these resolutions, he was cognitively impaired at the time, and either he did not in fact approve and sign them, or only did so through the Family Defendants’ undue influence.” LINK

Direct link to the property’s ACRIS page and link to DOB NOW portal.