Fannie Mae files $61.5M pre-foreclosure at two Bronx rentals owned by Rajmattie Persaud

Fannie Mae filed a $61.5 million pre-foreclosure action alleging that loans secured by two large Bronx buildings, Fordham Tower at 480 to 490 East 188th Street, and Fulton Tower at 540 East 169th Street, both owned by Rajmattie Persaud and Karan Singh, were in default.
This is at least the third, and is the largest, pre-foreclosure action a lender or servicer has filed against Rajmattie Persau since July 2023. In March 2025, Fannie Mae files $34.7 million pre-foreclosure at 3 Astoria rentals with 119 units, and in July 2023, a special servicer filed a $16.5 million pre-foreclosure at 106-unit rental complex in Jackson Heights.

In the new case, Fannie Mae is alleging mortgage payment and water payment defaults at Fordham Tower and Fulton Tower.

Fannie Mae filed the complaint in federal court, in the Southern District of New York September 23, 2025.

Case 1:25-cv-07877 LINK

According to the complaint, “Greystone Servicing Corporation, Inc., in its capacity as loan servicer (the “Servicer”), acting on behalf of Plaintiff, and Borrower entered into seven separate forbearance agreements [From April 1, 2020, to May 31, 2022]…The amounts paid by Borrower have been sufficient to pay the Monthly Payments due and owing from April 2020 through September 2024. Monthly Payments remain due and owing from October 2024 forward, a period of twelve months… As of the filing of this Complaint, Borrower owes $1,669,439.13 in waste and wastewater charges for Fordham Tower and $3,161,069 in waste and wastewater charges for Fulton Towers…”
Tenants in one of the buildings held a protest in July 2024, enumerating what they claimed were substandard conditions at Fordham Tower.

The elevator building Fordham Tower at 480 to 490 East 188th Street with 170 residential units in Belmont has 148,500 square feet of built space and 6,374 square feet of additional air rights for a total buildable of 154,888 square feet according to a PincusCo analysis of city data. The parcel has two buildings with frontage of 173 feet and is 244 feet deep with a total lot size of 63,740 square feet. The lot is irregular. 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 $7.7 million.

The elevator building Fulton Tower at 540 East 169th Street with 321 residential units in Morrisania has 285,056 square feet of built space and 96,365 square feet of additional air rights for a total buildable of 381,031 square feet according to a PincusCo analysis of city data. The parcel has frontage of 407 feet and is 266 feet deep with a total lot size of 110,765 square feet. The lot is irregular. The zoning is R7-2 which allows for up to 3.44 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $20.3 million.

Direct link to the property’s Fulton Tower ACRIS page
Direct link to the property’s Fordham Tower ACRIS page.