Fannie Mae files $34.7M pre-foreclosure at 3 Astoria rentals with 119 units
21-80 38th Street (Credit - Cyclomedia)
Fannie Mae filed a $34.7 million pre-foreclosure action alleging a loan secured by three Astoria rentals with 119 units at 21-80 38th Street, 23-05 30th Avenue and 23-15 30th Avenue were in maturity and additional defaults. The lender filed the case in U.S. District Court in Brooklyn on March 12, 2025. Rajmattie Persaud was the signatory for the loans provided to the borrower entity, KRCM Astoria Portfolio Corporation for the purchase of the properties in 2017.
Court filings represent the position of one party and are not necessarily accurate or complete.
Case 1:25-cv-01401-NGG-TAM LINK
Rajmattie Persaud and Karan Singh bought the buildings in April 2017 for $59.5 million, part of a four-building, purchase from Kushner Companies, The Real Deal reported at the time. Singh is not mentioned in the complaint or on loan documents.
They owners borrowed $34.7 million from Greystone & Co. to finance the acquisition.
According to the complaint, “Plaintiff’s commercial mortgage on the Property secures a loan in the principal amount of $34,700,000.00 which has been in default since May 1, 2024… Pursuant to the terms of the Final Forbearance Agreement, the Borrower agreed to (i) pay the Servicer a forbearance fee of $20,000 per month (each such payment, a “Forbearance Fee”) during the three-month Final Forbearance Period, (ii) pay the Servicer the amount of the Monthly Payment that had been due and owing prior to the Maturity Date in the amount of $295,685.25 per month during the three-month Final Forbearance Period, and (iii) repay the Loan in full no later than February 1, 2025, including all amounts due under the Loan Documents, as well as attorneys’ fees, expenses, and default interest… On February 13, 2025, Plaintiff sent a letter to the Borrower notifying it that it was in default of its obligations under the Loan Documents (inclusive of all the forbearance agreements) by virtue of its failure to pay the Forbearance Fees due for December 2024 and January 2025, the Monthly Payment due for January 2025, and the Pay Off Amount.”
The walkup building at 21-80 38th Street with 35 residential units in Ditmars Steinway has 32,328 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,010 square feet. The zoning is R5D which allows for up to 2 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $5.8 million. This property was acquired for $23 million on April 5, 2017.
Direct link to the property’s ACRIS page
The walkup building at 23-05 30th Avenue with 42 residential units in Astoria has 32,028 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 100 feet deep with a total lot size of 10,000 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $6.1 million. This property was acquired for $18.25 million on April 5, 2017.
Direct link to the property’s ACRIS page
The walkup building at 23-15 30th Avenue with 42 residential units in Astoria has 32,028 square feet of built space and 1,221 square feet of additional air rights for a total buildable of 33,300 square feet according to a PincusCo analysis of city data. The parcel has frontage of 111 feet and is 100 feet deep with a total lot size of 11,100 square feet. The zoning is R6A which allows for up to 3 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $6.3 million. This property was acquired for $18.25 million on April 5, 2017.
Direct link to the property’s ACRIS page
and link to DOB NOW portal.