Ladder Capital takes title to 3 East Harlem rentals with $69M judgment

Ladder Capital through the entity Lehny LLC obtained title with credit bids through a judicial foreclosure for the 108-unit rental at 2211 Third Avenue, the 30-unit at 2338 Second Avenue and the 20-unit at 329 Pleasant Avenue. The expected use is hold for sale. The former owner was HAP Investments.
The transfer closed on January 21, 2026 and was recorded on February 4, 2026.
The signatory for the court managing the sale of the HAP Investments assets was referee Jeffrey R. Miller . The signatory for Ladder Capital was Mark Ableman . The contract date was January 21, 2026.

The referee in a New York State Supreme Court foreclosure case set January 21, 2026, as the date to auction three East Harlem rental buildings owned by HAP Investments, , that have a judgment of $69 million, a notice of sale published on December 24, 2025, showed.

Ladder Capital’s wholly owned insurance company, Tuebor REIT Sub LLC, filed a pre-foreclosure action in April 2024, alleging HAP Investments’ properties were in technical defaults.

Case 850117/2024 LINK

HAP Investments signed the loan in December 2021 with lender Allegiant Real Estate Capital, which immediately assigned the loan to Ladder Capital affiliates.

Eran Polack is the co-founder and former CEO of HAP Investments until 2021. He now leads HAP Construction.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Ladder Capital had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller HAP Investments had not purchased any other properties and sold three properties in two transactions for a total of $84 million over the same time period.

The property

The rental condo with 108 residential units in East Harlem has 115,099 square feet of built space according to a PincusCo analysis of city data. The parcel has a total lot size of 99,423 square feet. The property has a 421A exemption that started in 2020 and expires in 2045. The city-designated market value for the property in 2022 is $19.1 million.

Violations and lawsuits

The properties were involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $63.6 million commercial foreclosure concerning a loan filed on April 3, 2024, by Ladder Capital against HAP Investments, Eran Polack, and Idit Polack. In addition, according to city public data, the properties have not received any significant violations in the last year.

Development

For the tax lot buildings, one out of the four buildings received a initial certificate of occupancy in the last ten years. 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 the tax block of 2211 3rd Avenue, PincusCo has identified the owners of five of the 33 commercial properties representing 33,611 square feet of the 179,200 square feet. The largest owner is Hope Community, followed by ABJ Properties and then David Sohayeg.
There are no active new building construction projects on this tax block.

The majority, or 49 percent of the 179,200 square feet of built space are industrial buildings, with walkup buildings next occupying 47 percent of the space.

The seller

The PincusCo database currently indicates that Hap Investments owned at least two commercial properties with 50 residential units in New York City with 41,002 square feet and a city-determined market value of $9.6 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are elevator properties. They are all located in Manhattan.

The buyer

The PincusCo database currently indicates that Ladder Capital owned at least four commercial properties with 82 residential units in New York City with 97,209 square feet and a city-determined market value of $10.8 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 84 percent of the 97,209 square feet of built space are elevator properties, with walkup properties next occupying 10 percent of the space. They are all located in Manhattan.

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