Pre-foreclosure roundup: $12.8M in Mt. Eden, $6.8M in Jamaica, $7.2M in Harlem

$12.8M pre-foreclosure at Mt. Eden redevelopment: Fairview Partners Investment Management through the entity Fairview Investment Fund V, LP alleged in a complaint filed February 6, 2024 in State Supreme Court in the Bronx that a $12.78 million loan provided in March 2023 and secured by 1342 Inwood Avenue  in Mt. Eden,  was in a maturity default. The borrower on the loan was Joseph Riegler of the Riegler Group.
Court filings represent the position of one party and are not necessarily accurate or complete.
Case 802945/2025E LINK
According to the complaint, “As a result of the Obligors’ failure to pay the Outstanding Indebtedness of the Loan, there is due and owing to Fairview on the Loan the sum of $13,672,186.00 (including principal of $12,780,000.00 and interest and late fees, but exclusive of costs and expenses, including attorneys’ fees) as of December 31, 2024” According to the DOB, Joseph Riegler submitted a major alteration of 29,130 square-foot business (B-2) building at 1342 Inwood Avenue in Mt Eden, Bronx. The plan was filed with the New York City Department of Buildings on December 29, 2022 under job number X00801395. It call for the increase in size of the building from a two-story building to a proposed 5 story community facility building.

Direct link to the property’s ACRIS page

$6.8M pre-foreclosure at Jamaica retail: The Blackstone Group through the entity SIG CRE 2023 Venture LLC alleged in a complaint that a 2016 loan with a principal of $6.8 million and secured by the retail building at 89-52 165th Street also known as 89-51 164th Street, in Jamaica, Queens, was in a maturity default, and the lender is seeking to foreclose on the debt. Blackstone filed the complaint in State Supreme Court in Queens on February 5, 2024.
Case 703461/2025 LINK

According to the complaint, “Plaintiff brings this action to, inter alia, foreclose a mortgage, described below, which secures a loan, evidenced by a restated note described below, originally made by Signature Bank (“Signature Bank”) to defendant Francmen 165 LLC (“Borrower”), in the principal amount of Six Million Eight Hundred Thirty Thousand Four Hundred Fifty Eight & 51/100 Dollars ($6,830,458.51) (“Loan”).” On 12/18/2024 the owners transferred the ownership of the property in a zero-dollar transfer from the entity Francmen 165 LLC to their individual names, Elliot Menashe, Ronald Menashe and Isaac Franco
The retail building in Jamaica has 23,250 square feet of built space and 93,000 square feet of additional air rights for a total buildable of 116,250 square feet according to a PincusCo analysis of city data. The parcel has frontage of 122 feet and is 192 feet deep with a total lot size of 23,250 square feet. The lot is irregular. The zoning is C4-5X which allows for up to 4 times floor area ratio (FAR) for commercial and up to 5 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $5.8 million.
Direct link to the property’s ACRIS page

$7.2M pre-foreclosure filed in Harlem:  The Blackstone Group through the entity SIG CRE 2023 Venture LLC alleged in a complaint that a 2016 loan with a principal of $7.2 million and secured by three retail condominium units at 2094-2104 Frederick Douglas Boulevard in Harlem, was in a maturity default, and the lender is seeking to foreclose on the debt. Blackstone filed the complaint in State Supreme Court in Queens on February 5, 2024. The property owner is Madison Realty Capital through the entity FDB Retail Investors LLC.

Case 850061/2025 LINK

Madison Realty Capital bought the three retail units CU1, CU2 and CU3 on March 17, 2014 for $7.25 million. On December 16, 2016, they increased the debt to $7.2 million from Signature Bank.

According to the complaint, “The Borrower failed to comply with the terms and provisions of the Loan Documents, specifically the Note and Mortgage, by failing to remit all amount due and owing under the Loan Documents on January 1, 2023… Upon information and belief, since at least the Default, the Borrower and/or the Guarantors are currently keeping rental income from operations of the Mortgaged Property in the approximate amount of not less than $35,291 per month and have failed to remit any portion of the collected rental income to Plaintiff in violation of the Loan Documents.

Direct link to the property’s ACRIS page