Pre-foreclosure roundup: $52M in Downtown Brooklyn, $4.2M in W. Village, Walker Tower PH2 tax lien

Debt holders filed three notable pre-foreclosure actions yesterday, two for loans and one for a tax lien.

Prime Finance files $52M pre-foreclosure at Pink Stone’s D’town Brooklyn rental: Prime Finance, a lender and note buyer, filed a pre-foreclosure action seeking a sale of the property at 180 Nassau Street in Downtown Brooklyn.
The elevator building with 103 residential units has 108,501 square feet of built space according to a PincusCo analysis of city data. The property was developed and is owned by Pink Stone Capital Group’s Richard Ohebshalom. The parcel has frontage of 100 feet and is 87 feet deep with a total lot size of 13,295 square feet. The zoning is C6-2 which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential. The property has a 421a exemption that started in 2013 and expires in 2028. The city-designated market value for the property in 2022 is $25.4 million. Prime Finance bought the debt on September 29, 2022.
Court filings represent the position of one party and are not necessarily accurate or complete. In some cases, a lender must file a pre-foreclosure action in order to negotiate debt relief with the borrower.
PincusCo reported on the note purchase on November 8, 2022.  Investors Bank provided the original $52 million loan in 2014. The complaint alleges Pink Stone did not make a loan payment in November 2020 or thereafter. The lender and borrower entered into an forbearance agreement in December 2020, which was amended in December 2021, and set a date of May 31, 2022 as the end of the forbearance period. No debt service payment was made on June 1, 2022, and so the bank sent a letter dated June 16, 2022, declaring the loan in default and the entire amount due, according to the complaint.
In a related action, Prime Finance acquired a note with an original principal of $40 million secured by Galil Management’s mixed-use properties in Nolita.
At 180 Nassau, Richard Ohebshalom of Mica Gabe Brooklyn, LLC submitted a new building construction project for a 103-unit, 79,000 square-foot residential (R-2) building at 180 Nassau Street. The plan was filed on March 18, 2005 and was permitted on June 25, 2008.
Court filing LINK

TD Bank files $4.2M pre-foreclosure in West Village: TD Bank filed a pre-foreclosure action against the borrower of $4.2 million in original financing secured by 632 Hudson Street in the West Village, Manhattan. The borrower obtained $4.2 million in financing from TD Bank in 2017. In November 2021, the parties signed a forbearance agreement which expired April 15, 2022. The bank alleges the total due in principal, interest and other fees is $4.169 million. LINK

$590K tax lien pre-foreclosure at $45M Walker Tower penthouse: The NYCTL 2021-A Trust, with the Bank of New York Mellon as trustee, filed to foreclose on a $590,802 tax lien on unit PH2 at Walker Tower at 212 West 18th Street, in Chelsea, Manhattan. An anonymous owner bought the unit, PH2, through the company Walker Tower 1-8 LLC for $45 million in June 2016. LINK