Judge orders foreclosure sale of Tribeca retail condos with $15.5M in debts

A New York State Supreme Court justice has ordered the sale of four Tribeca retail condominium units at 377 Broadway that have $15.5 million in debts, according to a court records. The property is owned by an affiliate of B+B Holdings. The order was signed Friday.

Ilan Bracha and Haim Binstock’s B+B Capital acquired the four condo units in June 2014 for $10 million. They leased the space to an affiliate of Keller Williams, which the two owned at the time. Bracha and Binstock through the entity 377 Broadway NYC LLC borrowed $11.75 million in 2015 from Ladder Capital, and the debt was ultimately rolled into a commercial mortgage backed security, 2015-LC20. The special servicer for the loan Rialto Capital Advisors, through the entity RSS WFCM 2015-LC20-NY 377, LLC, filed to foreclose on the loan on December 23, 2020. The court case is 850210/2020, and was filed in New York State Supreme Court..

The sale was ordered to be held in the next 90 days, but the borrowers filed an appeal to an April 2022 ruling for summary judgment of the case.

Direct link to the property’s ACRIS page and link to DOB NOW portal.