Tim Ziss files 4th bankruptcy in 3 years, now at Bay Ridge medical valued at $33.3M

Tim Ziss, president of Allied Properties, filed a chapter 11 bankruptcy petition with the goal of keeping him in operational control of a new construction medical office building at 437 88th Street in Bay Ridge, Brooklyn. In the petition, he values the real estate in its current state at $33.3 million, and as much as $39.8 million when fully leased out.
Tim Ziss is the Anglicized version of his given name, Efthimios Zisimopoulos. He has used both to sign loan and legal documents. He used the name Tim Ziss for this bankruptcy.
Case 1-25-40269-nhl LINK
437 88th Street Allied Properties Declaration pdf

437 88th Street Allied Properties Chapter 11 pdf

This is at least the fourth bankruptcy filing Ziss has made since 2022. The two that remain active are related to his fee interest at 7614 4th Avenue [22-42336-nhl] and his leasehold interest at 531 86th Street [23-41131-jmm].
Tim Ziss through the entity 437 88 LLC filed this new petition on January 17, 2025, in the Eastern District of New York in Brooklyn. Kevin Nash is the attorney for this filing. The filing comes five months after ASLD Realty and Dime Community Bank filed a pre-foreclosure in August 2024, case 522507/2024.
In that state court case, on October 28, 2024, the court signed an order appointing a receiver. Ziss also lost two other motions that sought to dismiss all or some of the case.  The secured creditors include Dime Savings Bank and
Ziss hopes to maintain control of the property in order to execute a refinance with CTBC Bank, which allegedly gave him a commitment letter for an $18.5 million loan.

In the bankruptcy filing, Ziss states” To date, the Debtor has invested approximately $20 million in connection with the project, including the mortgage financing originally issued by Dime Savings Bank (“Dime”) which was renewed several times, before Dime sold the loan last year. The principal balance under the mortgage loan is $12,253,264.05. The Debtor operated under a forbearance and was disheartened to learn that, rather than extending the forbearance, Dime sold the note to a private note buyer known as BD 43788 LLC.

“…In fact, the Debtor made it clear to Dime that it was prepared to litigate rather than agree to a forbearance without assurances of Dime’s continued cooperation. During the forbearance period, the Debtor undertook efforts to enhance the value of the Property by obtaining a TCO and ICAP tax savings. These efforts were done at significant costs and in reliance that the loan would be further extended if necessary depending on the timing of the refinancing. I believe the Note Buyer was aware of the Debtor’s reliance and purchased the note to attempt to take advantage of potential default interest and penalties regardless of the consequences to the Property. The Debtor intends to vigorously examine these areas of inquiry and shall also remove pending litigation upon commencement of the Chapter 11 case.”

Tim Ziss of 437 88 LLC submitted a major alteration application for a renovation and expansion of a commercial (COM) building at 437 88th Street in Bay Ridge, Brooklyn. The plan was filed with the New York City Department of Buildings on July 11, 2017 under job number 321615365 and was permitted on November 21, 2019. It called for an increase in the size of the building from a two-story building to a four-story building. The project is described in the filing as: changing use and lowering cellar,eliminating basement level and adding 2 floors to existing structure creating a 4-story fireproof building new egress and elevators as shown on plans.

The property

The office building in Bay Ridge has 38,621 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 100 feet and is 125 feet deep with a total lot size of 10,200 square feet. The lot is irregular. The zoning is C8-2 which allows for up to 2 times floor area ratio (FAR) for commercial. The city-designated market value for the property in 2022 is $1.1 million. The most recent loan totaled $10.5 million and was provided by Dime Community Bank on June 1, 2022.

Prior sales and revenue

This property was sold for $7 million on January 29, 2018.

The 38,621-square-foot property generated revenue of $302,010 or $8 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has received four DOB violations in the last year.

The property was involved in one lawsuit and zero bankruptcies over the past two years. The suit was a $11.9 million commercial foreclosure concerning a loan filed on August 21, 2024, by ASLD Realty, Steven Hackel, and Dime Community Bank against Allied Properties and Efthimios Zisimopoulos.

The neighborhood

In Bay Ridge, The bulk, or 30 percent of the 21 million square feet of commercial built space are elevator buildings, with walkup buildings next occupying 28 percent of the space. In sales, Bay Ridge has near average sales volume among other neighborhoods with $265 million in sales volume in the last two years and is the 24th highest in Brooklyn. For development, Bay Ridge has near average amount of major developments among other neighborhoods and is the 29th highest in Brooklyn. It had 295,888 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of eight of the 18 commercial properties representing 238,288 square feet of the 333,775 square feet. The largest owner is Allied Properties, followed by ASG Equities and then Fotios Eugenis. There are no active new building construction projects on this tax block.

The owner

The PincusCo database currently indicates that Allied Properties owned at least two commercial properties in New York City with 117,794 square feet and a city-determined market value of $15.7 million. (Market value is typically about 50% of actual value.) The portfolio has $22.5 million in debt, borrowed from Madison Realty Capital and Dime Community Bank. Within the portfolio, all identified are office properties. They are all located in Brooklyn.

The surrounding

Within a 400-foot radius of 447 88 Street, PincusCo identified one commercial real estate item of interests occurred over the past 24 months. It was a loan which ASG Equities borrowed $20 million from Peapack-Gladstone Bank secured by the 30,000-square-foot, one-unit mixed-use building (K4) on 454 86th Street and five other properties on November 14, 2023.

Direct link to the property’s ACRIS page and link to DOB NOW portal.