Pre-foreclosure filed on Bijan Nassi Greenwich Village office property with $10.5M loan

The entity BD Notes LLC, through a Great Neck attorney, filed a pre-foreclosure action in New York State Supreme Court on November 29, alleging a loan with an original principal of $10.5 million, and secured by Bijan Nassi’s 99 University Place in Greenwich Village, Manhattan, is in default.

BD Notes LLC bought the debt on the building in October, as PincusCo reported at the time.

The office building in Greenwich Village has 41,490 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 49 feet and is 82 feet deep with a total lot size of 4,025 square feet. The lot is irregular. The zoning is C1-7 which allows for up to 2 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential. The city-designated market value for the property in 2022 is $12.1 million.

According to the complaint, “Pursuant to the Modification of Promissory Note… the Maturity Date was modified from July 1, 2022 to October 1, 2022.” The plaintiff alleges the loan was not paid off on October 1, thus constituting a default event, and leading to this foreclosure action.

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