Rajmattie Persaud’s Astoria rentals with $34.7M loan put in bankruptcy to aid refi
21-80 38th Street (Credit - Cyclomedia)
Karan Singh as manager of three Astoria, Queens, rental buildings owned by Rajmattie Persaud, filed a chapter 11 bankruptcy petition yesterday to fend off a foreclosure action that Fannie Mae filed in March 2025 alleging the $34.7 million loan secured by the buildings was in default. The three buildings with a total of 128 residential units and several commercial units are 21-80 38th Street, 23-05 30th Avenue and 23-15 30th Avenue.
The petition asserts that the financial position of the buildings has improved despite the impacts of Covid, the 2019 rent law, and other issues, and that last year, the building was appraised at $45 million. Persaud has been negotiating a refinance with Dalan Credit LLC, “the likely exit lender.”
According to the petition, “The Properties have a combined rent roll of approximately $357,300 per month… Although some units are rent stabilized, many of the apartments are free market and the value of the Properties is on an upswing… According to a payoff letter issued on June 10, 2025, there is a disputed amount… which includes disputed default interest of approximately $1.5 million…”
Bankruptcy case 1-25-44859-ess LINK
Fannie Mae case 1:25-cv-01401-NGG-TAM LINK
On March 12, 2025, Fannie Mae filed a $34.7 million pre-foreclosure action alleging a loan was in maturity and additional defaults. The lender filed the case in U.S. District Court in Brooklyn on March 12, 2025. Rajmattie Persaud was the signatory for the loans provided to the borrower entity, KRCM Astoria Portfolio Corporation for the purchase of the properties in 2017.
Court filings represent the position of one party and are not necessarily accurate or complete.
Rajmattie Persaud and Karan Singh bought the buildings in April 2017 for $59.5 million, part of a four-building, purchase from Kushner Companies, The Real Deal reported at the time. Singh is not mentioned in the complaint or on loan documents.
They owners borrowed $34.7 million from Greystone & Co. to finance the acquisition.
According to the complaint, “Plaintiff’s commercial mortgage on the Property secures a loan in the principal amount of $34,700,000.00 which has been in default since May 1, 2024… Pursuant to the terms of the Final Forbearance Agreement, the Borrower agreed to (i) pay the Servicer a forbearance fee of $20,000 per month (each such payment, a “Forbearance Fee”) during the three-month Final Forbearance Period, (ii) pay the Servicer the amount of the Monthly Payment that had been due and owing prior to the Maturity Date in the amount of $295,685.25 per month during the three-month Final Forbearance Period, and (iii) repay the Loan in full no later than February 1, 2025, including all amounts due under the Loan Documents, as well as attorneys’ fees, expenses, and default interest… On February 13, 2025, Plaintiff sent a letter to the Borrower notifying it that it was in default of its obligations under the Loan Documents (inclusive of all the forbearance agreements) by virtue of its failure to pay the Forbearance Fees due for December 2024 and January 2025, the Monthly Payment due for January 2025, and the Pay Off Amount.”
Direct link to the property’s ACRIS page and link to DOB NOW portal.