Courts roundup: W’burg Loft building dispute, 3 pre-foreclosures totaling $11M

Tenants battle landlord at 22-unit Williamsburg Loft building: Plaintiffs, who are six tenants in a Loft Board-regulated building at 385 Troutman Street in Williamsburg, Brooklyn, allege the building has seen a reduction in amenities, disrepair and other issues, and they seek money damages, restoration of services and more. The property owner, Bushberg Properties, borrowed $6 million secured by the property in 2019. LINK

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

$7.7M pre-foreclosure at four rentals in Bed-Stuy: The pre-foreclosure suit filed on November 4, 2022, concerns a $7.7 million loan held by City Urban Realty, and the borrower is Juan Lopez through several LLCs. One of the properties is the mixed-use building 451 Classon Avenue with 3 residential units in Bedford Stuyvesant the has 2,946 square feet of built space according to a PincusCo analysis of city data. The property is owned by Juan Lopez. The 451 Classon Avenue parcel has frontage of 17 feet and is 70 feet deep with a total lot size of 1,254 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $534,000. The most recent loan totaled $7.7 million and was provided on March 20, 2020. LINK

$1.8M pre-foreclosure in Red Hook: The property at 87 Pioneer Street in Red Hook, Brooklyn, was involved in one lawsuit over the past two years. The suit filed November 4, 2022, was a $1.8 million commercial foreclosure concerning a loan that Yellow Jacket Ventures filed against Abigail Coover and Nathan Hume. The property with 2 residential units in Red Hook has 1,408 square feet of built space and 150 square feet of additional air rights for a total buildable of 1,562 square feet according to a PincusCo analysis of city data. The 87 Pioneer Street parcel has frontage of 16 feet and is 75 feet deep with a total lot size of 1,250 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.6 million. LINK

$1.36M pre-foreclosure in Bed-Stuy: The property 476 Lafayette Avenue in Bedford-Stuyvesant, Brooklyn, was involved in one lawsuit over the past two years. The suit filed on November 7, 2022, was a $1.36 million commercial foreclosure concerning a loan owned by Redwood Trust, and the borrower is an entity affiliated with owner Yoel Goldman of All Year Management. LINK