Three commercial mortgage foreclosures, the largest was $3.65M

Lenders sought to foreclose on three commercial mortgages in New York City yesterday, with the largest loan totaling $3.65 million.

The largest of the loans was secured by 26-01 4th Street in Astoria, Queens, a commercial property owned by Mings Garden Realty, which has the signatory Sophia Shan Fen Zhang.

Susan Tan was the signatory for the lender, Astoria Garden Capital, which provided the loan in early 2017.

Mings Garden Realty bought the property in 2012 for $6.925 million.

The second largest loan under threat of foreclosure yesterday was secured by 2168 Pitkin Avenue, a 3,300-square-foot multifamily building with three units. The loan totaled $850,000, and was provided as an acquisition loan in April 2019 by Rosa Funding. Rosa assigned the debt to PS Funding in May 2019.

The third foreclosure suit was for 1163 President Street, Brooklyn, a 10,218-square-foot multifamily walk-up building with eight units. The loan totals $775,000.