Pre-foreclosure roundup: $21.8M in Brooklyn, $10M in Inwood, $8M in Flatiron District
1930 Bedford Avenue (Credit - Google)
$21.8M multifamily pre-foreclosure in Prospect Lefferts Gardens: Note holder Reverence Capital Partners filed a $21.8 million pre-foreclosure action alleging the owner of the 38-unit mixed-use building at 1930 Bedford Avenue in Prospect Lefferts Gardens, Brooklyn, defaulted on its loan. Victor Tawil through the entity Oldham Properties LLC bought the building, which is divided into a retail condo unit and a rental condo unit with 38 apartments, in June 2020 for $27.25 million, borrowing $21.8 million at the time from New York Community Bank, which later merged into Flagstar Bank
According to the complaint, “On or about March 28, 2025, the Mortgage was assigned by Flagstar, as assignor, to Plaintiff… The Borrower defaulted under the Loan Documents by, among other things the Borrower’s failure to make the monthly payment due on March 1, 2024…” The unpaid principal balance is $20,789,879.07 as of the complaint.
Court filings represent the position of one party and are not necessarily accurate or complete.
Court LINK
The condo building with 38 residential units in Prospect Lefferts Gardens has 59,669 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 62 feet and is 165 feet deep with a total lot size of 10,858 square feet. The lot is irregular. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential.
Direct link to the property’s ACRIS page and link to DOB NOW portal.
$10M pre-foreclosure in Borough Park: Lender DCMZ Capital alleges the $10 million loan secured by one and two family homes including 1688-1690 54th Street, 1669-1671 54th Street Unit 1, 1663 54th Street, and 1638 59th Street is in default. Aaron Elbogen and other partners borrowed $10 million from DCMZ Capital in April 2024.
According to the complaint, “Borrower defaulted under the Loan Documents by, among other things, the occurrence of the following, which constitutes an Event of Default under the Loan Documents: Failing and omitting to pay when due the monthly interest payment due on January 1, 2025 and each and every subsequent interest payment thereafter…”
$10M multifamily pre-foreclosure in Inwood: Lender Community Preservation Corporation alleges the loan secured by 588-596 West 204th Street in Inwood, Manhattan, with an original principal of $10 million is in default.
The walkup building with 50 residential units in Inwood has 44,795 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 110 feet and is 100 feet deep with a total lot size of 11,000 square feet. The zoning is R7A which allows for up to 4 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $5.1 million. The most recent loan totaled $10 million and was provided by Signature Bank on September 24, 2021. This property was purchased for $13.5 million on November 7, 2018.
According to the complaint, this is for payment default, “Borrower defaulted under the terms of the Loan Documents by failing to repay the Loan starting with the payment due for May 10, 2023 and continuing thereafter unabated… By letter dated December 3, 2024, Plaintiff served Obligors with a Notice of Default and Demand for Payment (the “Default Notice”)”
Direct link to the property’s ACRIS page
$8M retail pre-foreclosure in Flatiron District: Blackstone Group through the entity SIG CRE 2023 Venture LLC, filed the pre-foreclosure action alleging the loan secured by a retail cooperative unit at 144 Fifth Avenue in the Flatiron District just north of 19th Street, with an original balance of $8 million was in a maturity default. Jeff Sutton of Wharton Properties bought the unit in 2016, and in 2017 the boot store Frye opened in the retail space. In 2020 Frye announced it was closing all its retail locations including this one.
This is for the leasehold interest in the ground floor, second floor and lower level. According to the complaint, this is a maturity default. “The Note matured on February 10, 2024. Borrower failed to make payment of all principal and interest due February 10, 2024… Based on the Event of Default that exists under the Loan Documents, as of August 1, 2024, the principal amount of $7,417,798.01…”
Despite this action, retail on this stretch has shown resilience. Two weeks ago, Acadia Realty Trust purchased a corner retail cooperative unit three blocks south at 85 Fifth Avenue for $46.8 million.
Direct link to the property’s ACRIS page