LNR sues Cohen Equities over $19.99M Lincoln Square retail condo loan

LNR Partners as special servicer filed to foreclose on a loan to Cohen Equities to with an original principal of $19.99 million provided in 2014 by Deutsche Bank to finance the $23 million purchase of the three retail condominium units at the Element at 555 West 59th Street in Lincoln Square.
The owner bought the three units from developer Brack Capital Real Estate.
This is the second suit LNR has filed against Ashkenazy this week. The first was filed yesterday for a $90 million secured by the leasehold on the office and retail building 635 Madison Avenue. The owner entity is in care of an address Ashkenazy Acquisition used. Ashkenazy has been targeted by several other lawsuits this year, including Argentic Real Estate Investment seeking $14.5 million in an alleged completion guaranty.

Ashkenazy has also sold or transferred $218 million in properties in eight transactions over the past two years including 690 Madison Avenue and others.

Correction: An earlier version of this post identified the borrower as Ashkenazy Acquisition. The actual buyer is joint venture including Cohen Equities.