Maguire Capital acquires 49 unsold condos in Sheepshead Bay, borrows $19.5M from Lightstone
Maguire Capital Group through the entity Emmons Avenue Owner LLC acquired 49 unsold condominium units and additional parking spaces from developer Chaim Miller at the 75-unit Breakers at 3112-3144 Emmons Avenue in Sheepshead Bay, Brooklyn, with a transfer value of $19.1 million.
Maguire Capital bought a defaulted $18 million note from Investors Bank in 2021. Investors Bank had filed a pre-foreclosure action against the developers, in 2019, but the case [525783/2019] was inactive since 2021 and was discontinued in October 2023.
In a related case, a junior lender, Chun Peter Dong, filed a complaint in the Eastern District [1:16-cv-05836-NGG-RML] against Chaim Miller and others which was settled resulting in this sale. That followed a November 2021 settlement agreement in which Dong’s approximately $8 million in loans through the sale of the condo units. In that 2021 agreement, Maguire agreed to forbear collecting on the defaulted $18 million loan in order to hammer out an agreement.
In 2005, Chaim Miller filed a condominium plan, CD050269, for a 75-unit project with a total sellout of $58 million, which has a current sellout price of $60 million.
The deed transfer closed on October 13, 2023 and was recorded on October 23, 2023. The contract date was October 10, 2023. The signatory for Maguire Capital was Marvin Azrak, and for Chaim Miller it was Chaim Miller, who also uses the name Harry Miller.
To finance the acquisition, Maguire Capital through the entity Emmons Avenue Owner LLC borrowed $19.5M loan from Lightstone Group the entity LSC 3112 Emmons Ave LLC.
The block
On the tax block of 3128 Emmons Avenue, PincusCo has identified the owners of three of the 25 commercial properties representing 171,600 square feet of the 306,843 square feet. The largest owner is Donald Lentnek, followed by Harshad Patel and then Rafael Abramov.
On the tax block, there was one new building construction project filed totaling 27,847 square feet. It is a 41-unit, 27,847 square-foot hotel/dormitory/shelter (R-1) building submitted by Tair Yakubov and filed by Alexander Levin with plans filed August 20, 2020 and it has not been permitted yet.
The majority, or 47 percent of the 306,843 square feet of built space are elevator buildings, with specialty buildings next occupying 29 percent of the space.
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