Courts roundup: two pre-foreclosures totaling $13.5M

ConnectOne Bank files $9.3M pre-foreclosure in Bushwick: ConnectOne Bank filed a pre-foreclosure action against the owners of 255 Linden Street and 263 Linden Street in Bushwick, Brooklyn with a loan that had an original principal of $9.3 million. The lender signed three forbearance agreements and additional loan modifications according to the court filings, however the lender ultimately declared the loan in default.

Court filings represent the position of one party and are not necessarily accurate or complete.
According to the complaint, “Thereafter, on or about December 8, 2021, Defendant requested, and Plaintiff agreed, to enter into a third Forbearance Agreement… On or about March 3, 2022, Plaintiff and Borrower entered into that certain Modification of Promissory Note dated as of January 1, 2022, which amended, inter alia, the Maturity Date (as hereinafter defined) of the Loan, the interest rate of the Loan, and the Default Rate (as hereinafter defined)…. there is now justly due and owing upon the Note and the Mortgage to Plaintiff the outstanding principal balance of $7,945,937.59 together with all accrued and unpaid interest thereon…”
The signatory for the borrower was Gary Kassirer.
The walkup at 255 Linden Street with 32 residential units in Bushwick has 26,361 square feet of built space according to a PincusCo analysis of city data. The parcel has four buildings with frontage of 100 feet and is 100 feet deep with a total lot size of 9,999 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $2.6 million.
The walkup at 263 Linden Street with 12 residential units in Bushwick has 6,435 square feet of built space and 3,279 square feet of additional air rights for a total buildable of 9,717 square feet according to a PincusCo analysis of city data. The parcel has two buildings with frontage of 40 feet and is 100 feet deep with a total lot size of 3,999 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.4 million.

Case LINK
Direct link to the property’s ACRIS page.

Carver Federal files $4.3M pre-foreclosure in Greenwood Heights: Carver Federal Savings Bank filed a pre-foreclosure action against the owner of 768 3rd Avenue in Greenwood Heights, Brooklyn, on a loan that had an original principal of $4.3 million.

The signatory for the loan was Nitzan Rozman.
The mixed-use building has 15,960 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 75 feet and is 100 feet deep with a total lot size of 7,517 square feet. The zoning is M3-1 which allows for up to 2 times floor area ratio (FAR) for manufacturing. The city-designated market value for the property in 2022 is $1.4 million.
According to the complaint, “As of February 28, 2024, the following amounts are due and owing to Plaintiff under the Loan Documents: (a) Principal in the amount of $3,987,178… First Default Date: October 1, 2023 The Borrower is also in default of the Loan Documents due to the failure to furnish Carver with the following: (i) a current rent roll for the Property; (ii) copies of the current lease or leases for the Property…”
Case LINK