JY Capital files $16.1M pre-foreclosure against Queens, Brooklyn portfolio

UPDATED: JY Capital Group filed a pre-foreclosure action in Queens County Court on Friday, alleging a loan with an original principal of $16.1 million secured by nine commercial properties in Queens was in default. LINK

The properties are three rental buildings in Ditmas Steinway with a total of 12 units at 20-61 49th Street, 20-07 49th Street and 20-03 49th Street; five industrial buildings in Maspeth at 44-18 54th Road, 44-25 54th Drive, 44-21 54th Drive, 44-17 54th Drive and 58-89 57th Street; and one office building with two residential units in Whitestone at 14-02 150th Street.

(On August 21, 2023, the lender filed a substantially similar lawsuit in Brooklyn State Supreme Court that included one additional property, 270 McGuinness Boulevard in Brooklyn. 524201/2023)

Enrico Manetta, the property owner, borrowed $7 million in 2017 and then increased that to $15.5 million in 2019 and ultimately $16.1 million in 2022. The prior lender was H&O Capital Funding which held debt that had an original loan amount of $16.1 million. JY Capital Group, led by Alexander Hofstedter, bought the note on July 6, 2023 and the transfer was recorded on July 18, 2023.
H&O Capital sold the loan to JY Capital Group, which bought it through the entity JY Shtotty SPE LLC.
The nine properties have 45,157 square feet of built space and 46,451 square feet of additional air rights for a total buildable of 80,457 square feet according to a PincusCo analysis of city data.

Direct link to the property’s ACRIS page.