Preferred Bank files $19.95M pre-foreclosure in Lenox Hill naming CA firm raided last fall by FBI

Preferred Bank filed a $19.95 million pre-foreclosure action in New York State Supreme Court in Manhattan alleging the loan secured by the Lenox Hill apartment buildings 184 East 64th Street and 227 East 67th Street was in a maturity default. The properties are owned directly by the opportunistic real estate investment firm Continuum Analytics LLC which focuses on managing  distressed assets, based in Newport Beach, California. The FBI raided the offices of Continuum Analytics in September 2025, Reuters reported, citing legal documents it had reviewed.

Court filings represent the position of one party and are not necessarily accurate or complete.

Case LINK

Continuum Analytics acquired the properties in March 2019 for a combined $39 million. They refinanced the debt with $19.95 million from lender Preferred Bank in 2023.

According to the court filing, the note maturity date was extended to March 2025. Following an alleged default, multiple forbearance agreements were signed, extending the deadline to January 1, 2026.

Continuum again failed to pay by then, the documents say.

News reports say Zions and Western Alliance sued Andrew Stupin and Gerald Marcil to recover $160 million in defaulted loans, alleging misrepresented information and fraud. The duo are key investors in Continuum Analytics.

The property

The elevator building 184 East 64th Street with 5 residential units in Lenox Hill has 11,169 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 109 feet deep with a total lot size of 2,699 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $9.6 million. The most recent loan totaled $19 million and was provided by Preferred Bank on October 25, 2022.

This property was sold for $24.7 million on March 27, 2019.

On the tax lot, the most recent condominium plan was filed by 184 EAST 64TH STREET ASSOCIATES LLC to create 5 residential units in a building at 184 East 64th Street in Lenox Hill, Manhattan, called 184 E. 64th Street Condominium that has a $42.5 million sellout, according to an December 15, 2016 submission to the New York State Attorney General. The principal of the sponsor, 184 EAST 64TH STREET ASSOCIATES LLC, was Michael D’Alessio. The condo plan was not transferred to Continuum and no condo-related filings have been make since 2017.

Over the past five years, there has been no NYC Department of Buildings new building, demolition, or alteration permit application valued at more than $20,000 filed for this parcel.

The property

The elevator building 227 East 67th Street with 5 residential units in Lenox Hill has 14,529 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 27 feet and is 100 feet deep with a total lot size of 2,773 square feet. The zoning is R8B which allows for up to 4 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $12 million. The most recent loan totaled $19 million and was provided by Preferred Bank on October 25, 2022.

This property was sold for $13.3 million on March 27, 2019.

The 14,529-square-foot property generated revenue of $520,429 or $36 per square foot, according to the most recent income and expense figures.

On the tax lot, the most recent condominium plan was filed by 227 E 67TH STREET ASSOCIATES, LLC to create 5 residential units in a building at 227 East 67th Street in Lenox Hill, Manhattan, called 227 E. 67th Street Condominium that has a $28.5 million sellout, according to an September 19, 2016 submission to the New York State Attorney General. The condo plan was not transferred to Continuum and no condo-related filings have been make since 2017.

Michael D’Alessio of 227 East 67th Street Associates submitted a new building construction project for a five-unit, 10,902 square-foot residential (R-2) building at 227 East 67 Street. The plan was filed on September 30, 2014 and was permitted on November 4, 2015. It calls for the construction of a 60-foot tall, six-story building and was filed with the New York City Department of Buildings under job number 121931099. The project is described in the filing as: filed as new building due to demo more than 50pct of exterior wall. vertical & horizontal enlargement of existing 3-story building. existing foundation to be modify. obtain a new c of o.

Over the past five years, there has been no NYC Department of Buildings new building, demolition, or alteration permit application valued at more than $20,000 filed for this parcel.

For the tax lot building, it received its initial certificate of occupancy on January 20, 2017.

Violations and lawsuits

According to city public data, the property has received $3,250 in OATH penalties in the last year.

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $19.9 million commercial foreclosure concerning a loan filed on March 5, 2026, by Preferred Bank against Continuum Analytics, Andrew Stupin, Gerald Marcil, and Deba Shyam.

The neighborhood

In Lenox Hill, The bulk, or 34 percent of the 53.3 million square feet of commercial built space are elevator buildings, with specialty buildings next occupying 30 percent of the space. In sales, Lenox Hill has the 2nd highest sale turnover among other neighborhoods in the city with $4.7 billion in sales volume in the last two years. For development, Lenox Hill has near average amount of major developments among other neighborhoods and is the 23rd highest in Manhattan. It had 1.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of nine of the 25 commercial properties representing 94,060 square feet of the 195,108 square feet. The largest owner is Benenson Capital, followed by Deba Shyam and then Issembert Companies. There are no active new building construction projects on this tax block.

The owner

The PincusCo database currently indicates that Deba Shyam owned at least two commercial properties with 10 residential units in New York City with 25,698 square feet and a city-determined market value of $17.5 million. (Market value is typically about 50% of actual value.) The portfolio has $19 million in debt, borrowed from Preferred Bank. Within the portfolio, all identified are elevator properties. They are all located in Manhattan.

The owners according to the Department of Housing Preservation and Development includes Michael Kluchin, head officer and Adam Daniels, agent. The business entities are Ad Real Estate Investors Inc and Continuum Analytics Llc.

The surrounding

Within a 400-foot radius of 184 East 64 Street, PincusCo identified two commercial real estate items of interests occurred over the past 24 months. One of those two items was a sale which Milstein, Howard P bought one condo unit in the 5,678-square-foot, 294-unit mixed-use building (RM) on 200 East 65th Street for $13.8 million from Pim Trust Company, As Trustee on May 21, 2025. One of those two items was a loan which Muss Development borrowed $5.1 million from Symetra Life Insurance Company secured by one condo unit in the 5,092-square-foot, 23-unit mixed-use building (RM) on 132A East 65th Street on May 28, 2025.

Correction: A prior version of this post incorrectly identified the time of the FBI raid as September 2026, when in fact it was in September 2025.

Direct link to the property’s 184 East 64 Street ACRIS page
Direct link to the property’s 227 East 67th Street ACRIS page