Pre-foreclosure roundup: $21.5M in SoHo, $15M in Chinatown, $13.5M in Lenox Hill

Blackstone Group files $21.5M pre-foreclosure at Ascot Properties retail in SoHo: Blackstone Group alleged in a complaint filed July 24, 2024, that a loan with an original principal of $21.5 million that is secured by two retail condominium units in SoHo is in a maturity default. Ascot Properties, led by Amarjit S. Bhalla, through the entity Elizabeth Blue LLC, bought the two units at 129-131 Greene Street in 2011 for $6.85 million. In December 2018, under the name Elizabeth Blue NYC LLC, it refinanced the loan with $21.5 million from Signature Bank. Blackstone Group acquired the loan in December 2023 after Signature was declared insolvent.
Case LINK

Court records reflect the position of one party and are not necessarily accurate or complete.

According to the complaint, “Plaintiff is the owner and holder of that certain Restated Note, dated December 13, 2018 (the “Note” and the loan evidenced thereby being referred to herein as the “Loan”), in the original principal amount of $21,500,000.00, executed by Borrower and in favor of Signature Bank… Borrower defaulted under the Loan Documents by failing to pay the entire amount owed under the Note on or before January 10, 2024.”
Direct link to the property’s ACRIS page.

JPMorgan Chase files $15M pre-foreclosure at Albert Malekan property in Chinatown: JPMorgan Chase alleges a loan with an original principal of $15 million and secured by 35 East Broadway in Chinatown is in a payment default. The bank filed the action July 26, 2024, in State Supreme Court in Manhattan.
Case LINK

According to the complaint, “As of May 31, 2024, there was due and owing to Plaintiff from the Customers the principal sum of $13,369,839.29, plus interest, default interest, late charges, and other costs and expenses, including attorneys’ fees… [the borrower] defaulted under the Loan Documents by failing to pay one or more installments and other amounts under the Loan when due by November 1, 2023.”
Direct link to the property’s ACRIS page.

Union Labor files $13.5M pre-foreclosure at RFR Holding Lenox Hill retail: Union Labor Life Insurance Company filed a $13.5 million pre-foreclosure action alleging an ongoing payment default on a loan secured by Aby Rosen and Michael Fuch’s RFR Holding’s four retail units at 150 East 72nd Street in Lenox Hill, owned through the entity 150 E 72nd Retail Owner LLC.
Case LINK

The lender filed the complaint on July 25, 2024 in New York State Supreme Court in Manhattan.

According to the complaint, “Obligors and Plaintiff entered into a Second Omnibus Amendment to Mortgage Loan, dated August 15, 2019 (the “Second Amendment”), which, inter alia, further extended the Maturity Date of the Loan from June 27, 2019 through June 27, 2024…Bandier vacated the entirety of its leased premises in the second quarter of 2020… Borrower defaulted under the terms of the Loan Documents by, inter alia, failing to make within five (5) days of their due date the monthly payment of interest that was due on April 10, 2024 and all monthly payments of interest that were due thereafter… Despite the Notice of Acceleration, Obligors have failed to satisfy the Debt and all other sums demanded in the Notice of Acceleration by June 17, 2024 or otherwise.”

Direct link to the property’s ACRIS page.