Flushing Bank sells 3 notes in foreclosure totaling $10.455M secured by NYC multifamily
2541 Amsterdam Avenue (Credit - Google)
Flushing Bank sold three notes totaling $10.455 million secured by Nussbaum Realty Group rental buildings in Washington Heights, Marble Hill and Westchester Square. The buyer was the entity Bronx 3 Pack Lender LLC in care of the law firm Wachtel Missry. PincusCo could not determine the beneficial owner behind the note-buying entity. All three of the loans are in pre-foreclosure actions which Flushing Bank filed in April 2025.
In the first transaction, the entity Bronx 3 Pack Lender LLC bought a note with an original principal of $5.6 million from Flushing Bank secured by Nussbaum Realty Group and Eric Nussbaum’s 59-unit residential elevator building (D7) at 2541 Amsterdam Avenue in Washington Heights, Manhattan.
The deal closed on May 22, 2025 and was recorded on June 10, 2025. The prior lender was Flushing Bank which held debt that had an original loan amount of $5.6 million.The property has 61,250 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $zero per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
In the second, Wachtel Missry registered through the entity Bronx 3 Pack Lender LLC bought a note with an original principal of $2.6 million from Flushing Bank secured by Nussbaum Realty Group and Eric Nussbaum’s 54-unit residential elevator building (D7) at 99 Marble Hill Avenue in Marble Hill, Manhattan.
The deal closed on May 22, 2025 and was recorded on June 10, 2025. The prior lender was Flushing Bank which held debt that had an original loan amount of $2.6 million.The property has 54,285 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $zero per the PincusCo analysis.
Direct link to Acris document. link
In the third, Wachtel Missry registered through the entity Bronx 3 Pack Lender LLC bought a note with an original principal of $2.2 million from Flushing Bank secured by Nussbaum Realty Group and Eric Nussbaum’s 62-unit residential walkup building (C1) at 2510 Tratman Avenue in Westchester Square, Bronx and industrial building (G1) at 2530 Tratman Avenue in Westchester Square, Bronx.
The deal closed on May 22, 2025 and was recorded on June 10, 2025. The prior lender was Flushing Bank which held debt that had an original loan amount of $2.2 million.The two properties have 59,143 square feet of built space and 4,325 square feet of additional air rights according to a PincusCo analysis of city data.
Direct link to Acris document. link
The signatory for Nussbaum Realty Group and Eric Nussbaum for the original loans was Richard Nussbaum . The buyer bought the three loans, all in pre-foreclosure, with a combined original principal of $10.455 million which Flushing Bank provided in 2022.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Richard Nussbaum, head officer and Eric Nussbaum, officer. The business entity is Nussbaum Associates Company Llc. The 61,250-square-foot property generated revenue of $1.2 million or $20 per square foot, according to the most recent income and expense figures.
The property
The residential elevator building with 59 residential units in Washington Heights has 61,250 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 112 feet and is 137 feet deep with a total lot size of 15,840 square feet. 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 $4 million. The most recent loan totaled $5.6 million and was provided by Flushing Bank on August 4, 2022. The property has 57 rent regulated units according to city tax records from 2022.
Violations and lawsuits
The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $5.6 million commercial foreclosure concerning a loan filed on April 2, 2025, by Flushing Bank against Nussbaum Realty Group and Eric Nussbaum. In addition, according to city public data, the property has received four DOB violations, $2,500 in ECB penalties, 78 housing violations, and $9,700 in OATH penalties in the last year.
Development
There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.
The block
On this tax block, PincusCo has identified the owners of 13 of the 20 commercial properties representing 685,090 square feet of the 1,190,773 square feet. The largest owner is Cammeby’S International Group, followed by Abro Management and then Bronstein Properties.
There are no active new building construction projects on this tax block.
The majority, or 55 percent of the 1.2 million square feet of built space are elevator buildings, with specialty buildings next occupying 34 percent of the space.
The borrower
The PincusCo database currently indicates that Nussbaum Realty Group owned at least one commercial property with 59 residential units in New York City with 61,250 square feet and a city-determined market value of $4.1 million. (Market value is typically about 50% of actual value.) The portfolio has $5.6 million in debt, borrowed from Flushing Bank. The portfolio consists of at least a single elevator property. It is located in Manhattan.
Direct link to Acris document. link