Hirshmark files to foreclose on $8.2M loan secured by two Bowery buildings

Hirshmark Capital filed to foreclose on an $8.2 million loan secured by two mixed-use building in Chinatown, one at 26 Bowery and the other at 2 Bowery. The larger, at 26 Bowery, is an 11,565-square-foot building with four residential units and two commercial units. The other, 2 Bowery, is an 8,255-square-foot building with six residential units and one commercial unit.

The suit was filed yesterday in New York State Supreme Court. LINK

Hirshmark made the original loans in 2018 and then refinanced the loans in April 2019 for a total of $8.2 million. The guarantors for the loans are Chouk, Wilson and Steven Ng.

The lender sent a notice of default dated July 1, 2021, declaring the loan in default for various reasons including that it was not paid off by the maturity date of May 1, 2021.

Court filings are the positions of one party and are not necessarily accurate or complete. The borrowers have not yet filed response papers.

Direct link to Acris document. link