Rialto Capital files $6.8M pre-foreclosure against Bushwick walkups

Rialto Capital Management as lender filed a pre-foreclosure action in Brooklyn State Supreme Court alleging the owner of 1818 Troutman Street and 303 Stockholm Street, Lazar Waldman, was in default on the loan with an original principal of $6.8 million.
Rialto bought the loan in June 2021 from Sterling National Bank. Waldman bought both properties in 2015 and then filed new building plans calling for an eight-unit building at each address. Sterling National Bank provided the $6.8 million loan in 2018.
The walkup building with 8 residential units at 303 Stockholm Street in Bushwick has 7,091 square feet of built space according to a PincusCo analysis of city data. The property is owned by Lazar Waldman. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $880,000.

The walkup building with 8 residential units at 181 Troutman Street in Bushwick has 6,058 square feet of built space and 25 square feet of additional air rights for a total buildable of 6,075 square feet according to a PincusCo analysis of city data. The property is owned by Lazar Waldman. The parcel has frontage of 25 feet and is 100 feet deep with a total lot size of 2,500 square feet. The zoning is R6 which allows for up to 2.43 times floor area ratio (FAR) for residential. The city-designated market value for the property in 2022 is $1.3 million.
Direct link to the property’s ACRIS page and link to DOB NOW portal.