Staten Island-lender files pre-foreclosure on $14M Bronx portfolio

Staten Island-based Lender JG Funding Corp. filed a pre-foreclosure action against the owner of a 115-unit, five-building portfolio of Bronx rentals with an original principal of $14.1 million. The guarantor for the notes is Abdul Khan. The owner entities include MK Realty Group, 1895 Superior Apartment and others.

This is the second-largest commercial pre-foreclosure case filed in the Bronx this year out of 23 pre-foreclosure filings. There have been more than 350 such cases filed in the city overall.

The suit claims there is $13.3 million in principal due on the notes, and that the notes are in default because the interest and principal payments due in September 2020 and subsequently have not been paid, and that the loans matured in November 2020. JG Funding bought the notes in June 2021, PincusCo reported that month.

The five-building portfolio includes the 48-unit rental (C1) at 1515 Selwyn Avenue in Tremont, the 22-unit rental (C7) at 1895 Grand Concourse in Tremont, the 27-unit rental (C1) at 374 East 209th Street in Riverdale, the 12-unit rental (C1) at 1242 Morris Avenue in Longwood Melrose, and the six-unit rental (C2) at 1756 Topping Avenue in Tremont.

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