Kearny Bank on Friday filed two pre-foreclosure actions in Astoria, Queens, totaling $13 million.
In the first, the bank filed a $9.7 million pre-foreclosure action related to 35-16 Astoria Boulevard, an elevator building with 15 residential units that has 14,114 square feet of built space according to a PincusCo analysis of city data. The borrower is 35-16 Astoria Blvd Holdings, LLC, an entity controlled by Scott Minuta and Matthew Schwartz. The parcel has frontage of 46 feet and is 73 feet deep with a total lot size of 3,385 square feet. The lot is irregular. The zoning is C4-3 which allows for up to 3.4 times floor area ratio (FAR) for commercial and up to 2.43 times FAR for residential. The city-designated market value for the property in 2022 is $2.6 million.
Court filings represent the position of one party and are not necessarily accurate or complete. Kearny Bank has filed at least 10 pre-foreclosure actions in New York City of $1 million or more, totaling $36.5 million and averaging $3.5 million each, prior to these two complaints.
According to the complaint, “35-16 defaulted under the Note and the Kearny Mortgage by, among other things, failing to pay property taxes, water charges, and other fees and costs. In addition, 35-16 owed the New York Department of Environmental Protection approximately $245,062.58, which appears to be for unpaid water. Also, 35-16 has failed to furnish financial information or other records required under the loan documents within thirty (30) days of request.”
In the second, the bank filed a $3.45 million pre-foreclosure action related to the walkup building 30-60 44th Street with 6 residential units in Astoria has 5,570 square feet of built space according to a PincusCo analysis of city data. The borrower is 30-60 44th Street, LLC, controlled by Matthew Schwartz. The parcel has frontage of 28 feet and is 100 feet deep with a total lot size of 2,799 square feet. The zoning is R5 which allows for up to 1.25 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.2 million.
According to the complaint, “30-60 defaulted under the Note and the Mortgage by, among other things, failing to pay its property taxes, water, and other fees and costs and not paying the full monthly amount owed beginning with the payment that was due on February 1, 2023. 30-60 also defaulted on the Note and Mortgage by allowing a tax sale certificate to be sold for tax year 2019 (Lien ID # 201901).”