Louis Greco files personal bankruptcy to prep property sales valued above $14M

Louis V. Greco Jr. filed a personal chapter 11 bankruptcy petition in U.S. District Court in Brooklyn last week in order to facilitate the sale of multiple real estate properties valued at around $14 million, and at the same time to hold off a July 2023 judgment for $25.8 million obtained by North Hill Capital Management in state court related to a commercial real estate loan. Greco filed the petition on October 10, 2025.

At the same time, he filed another petition for a company he and his wife, Linda Greco, co-own, Aherman LLC, which owns property expected to be offered for sale. The two new bankruptcy petitions are in addition to the personal bankruptcy Linda Greco filed last year.

Louis Greco Case 1-25-44913-ess LINK
Linda Greco Case 1-24-44301-ESS LINK
Aherman LLC Case 1-25-44912-ess LINK

According to the petition, “The Units at the Remsen Property [Units 1, 2, 3, 7, 8 and 9 at 132 Remsen Street]… are subject to various mortgages (firsts and seconds) held by the senior lender, Wendover Funder LLC, totaling $14,744,058 in principal alone, plus subordinate mortgages held by Hal Freidman and Lawrence Dalton in the principal amount of $1.2 million. The six Units are believed to have a value of approximately $4.0 million and provide additional collateral to Wendover which also holds a mortgage on Unit 4, which is owned solely by my wife and has a value of approximately $10 million. Essentially, all of the assets held by my wife and I, together with all of the assets held by Aherman, will be part of the sale, likely utilizing Compass Realty as the broker…
“Complicating the issues, one of my creditors, NH Smith Lender LLC [North Hill Capital Management] obtained a judgment against me. As part of its efforts to enforce that judgment, NH Smith has obtained a decision from the Supreme Court, Kings County authorizing it to seize my membership interest in Aherman. That decision is not final, and this Chapter 11 case is being filed prior to the entry of an Order on that decision, so as to stay any further efforts by NH Smith with respect to Aherman while we effectuate the liquidating plan.”

The property

The condo building with 12 residential units in Brooklyn Heights has 9,550 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 31 feet and is 125 feet deep with a total lot size of 3,887 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The property is in the Brooklyn Heights Historic District.

Violations and lawsuits

According to city public data, the property has not received any significant violations in the last year.

There were no lawsuits or bankruptcies filed against the property for the past 24 months.

The neighborhood

In Brooklyn Heights, The bulk, or 26 percent of the 12.1 million square feet of commercial built space are office buildings, with elevator buildings next occupying 23 percent of the space. In sales, Brooklyn Heights has near average sales volume among other neighborhoods with $630.2 million in sales volume in the last two years and is the 10th highest in Brooklyn. For development, Brooklyn Heights has near average amount of major developments among other neighborhoods and is the 17th highest in Brooklyn. It had 1.1 million square feet of commercial and multi-family construction under development in the last two years, which represents 9 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 14 of the 15 commercial properties representing 207,272 square feet of the 207,272 square feet. The largest owner is Alan Grant, followed by Bluestone Group and then Dorothea Geraci. There are no active new building construction projects on this tax block.

The surrounding

Within a 400-foot radius of 132 Remsen Street, PincusCo identified four commercial real estate items of interests occurred over the past 24 months. Of those four items, three were sales above $5 million totaling $39.5 million. The most recent of the three was Blackstone Group and Rialto Capital Management which bought one condo unit in the 2,491-square-foot, two-unit mixed-use building (RC) on 160 Montague Street for $8.6 million from Wharton Properties on July 29, 2025. One of those four items was a loan which Kings Capital borrowed $7 million from Derby Copeland Capital secured by the 6,250-square-foot, 12-unit rental (C1) on 138 Joralemon Street on July 30, 2025.

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