Citibank filed a $180 million pre-foreclosure action alleging a loan it provided to RFR Holding in 2022 to purchase an interest in 475 Fifth Avenue in Grand Central, Manhattan, was in a maturity default. The loan matured on June 9, 2024, according to the complaint, and was not repaid. Case LINK Court filings represent the position of one party and are not necessarily accurate or…
Madison Realty Capital filed an $81.5 million pre-foreclosure in New York State Supreme Court in Manhattan yesterday alleging several loans Santander Bank gave to Fred Ohebshalom’s Empire Management and secured by 250 Fifth Avenue in NoMad, Manhattan, were in default. Madison Realty Capital, which bought the loans in March 2024 under the name 250 Fifth Ave Lender 1 LLC, alleges the loan matured on January…
Maverick Real Estate Partners through the entity CPW Townhouse LLC bought a note with an original principal of $7.2 million from Axos Bank secured by Russell Abrams and Sandra Piedrabuena Abrams’s townhouse at 45 West 70th Street in Lincoln Square, Manhattan. There are several active lawsuits related to this property. The deal closed on August 5, 2024 and was recorded on August 15, 2024. The…
Mark Schirripa and John Schirripa through the entity Brighton 5th Development LLC as borrower signed a refi loan with lender Hirshmark Capital through the entity Brighton 5 Funding LLC valued at $5.4 million for the 20-unit residential elevator building (D1) at 2929 Brighton 5th Street in Brighton Beach, Brooklyn. On the tax lot, the most recent condominium plan was filed by Brighton 5th Development LLC…
Rivky Brach through the entity 3547 Webster Tower LLC as borrower signed a new construction loan with lender BridgeCity Capital through the entity BCC 3547 Webster LLC valued at $31 million for two properties including the specialty building (I3) at 3547 Webster Avenue in Norwood, Bronx and industrial building (G2) at 3551 Webster Avenue in Norwood, Bronx. On these lots, there are is an active…
Silverstein Properties through the entity River Place I Holdings LLC as borrower signed a refi loan with lender Goldman Sachs through the entity Goldman Sachs Bank USA valued at $245 million for the 921-unit residential elevator building (D8) at 1 River Place in Hell’s Kitchen, Manhattan. The deal closed on August 1, 2024 and was recorded on August 15, 2024. The prior lender was Greystone…
An anonymous Williamsburg-based buyer through the entity 246 West 18th Street Land LLC paid $10.5 million following a bankruptcy filed by Joseph Nabavi through the entity 246-18 Realty LLC, for the 35-unit condominium project development site at 246 West 18th Street in Chelsea, Manhattan. The expected use is ground up development. The building that currently stands on the parcel is expected to be demolished and…
Shulsky Properties through the entity Shulfam LLC paid $12 million to ASB Capital Management through the entity Broadway Investors, LLC for the mixed-use building (S9) at 862 Broadway in Flatiron District, Manhattan. The expected use is cash flowing. ASB bought the property on June 21, 2016, for $24.97 million. The deal closed on August 13, 2024 and was recorded on August 15, 2024. The property…
UPDATED 6:30 a.m., August 19, 2024: Thor Equities through the entity Thor Chocolate Factory LLC paid $58.5 million to Fairstead through the entity 275 Park Owner LLC for the 75-unit residential elevator building (D6) at 275 Park Avenue in Clinton Hill, Brooklyn. The expected use is cash flowing. To finance the purchase, Prime Finance provided a $43 million loan. Thor Equities did not immediately respond…
Elvis Dushi submitted a new building construction project for a 35-unit, 23,620 square-foot residential (R-2) building at 4563 Furman Avenue in Wakefield, Bronx. The plan was filed with the New York City Department of Buildings on August 14, 2024 under job number X01094721. It calls for the construction of a seven-story building. The project is described in the filing as: new seven-story building with 35…
CAVU Property Group through the entity 1296-1298 Nya LLC as borrower signed a refi loan with lender Webster Bank valued at $18 million for six properties with nine residential units at 1597 New York Avenue, nine-unit residential walkup building (C1) at 1296 New York Avenue, and the nine-unit 3410 Farragut Road in East Flatbush, Brooklyn. The deal closed on August 6, 2024 and was recorded…
Dennis & Co. Auto Group through the entity Dco Qozb 38-15 Qb, LLC as borrower signed a new construction loan with lender BMW Financial Services valued at $53.5 million for two industrial properties including the industrial building (G1) at 38-08 43rd Avenue in Sunnyside, Queens and industrial building (G1) at 38-15 Queens Boulevard in Sunnyside, Queens. There is a new building project, Q00872004, for a…
Slate Property Group through the entity 161 Lexington Ave Propco LLC (and others) as borrower signed a refi loan with lender JPMorgan Chase valued at $209.8 million for 17 properties including homeless shelters. The properties include the specialty building (I1) at 427 West 52nd Street in Hell’s Kitchen, Manhattan, specialty building (N2) at 141 West 144th Street in Harlem, Manhattan, and hotel building (H3) at…
Bridge Asset Management paid $3.34 million for two adjacent development parcels at 1103 and 1109 Washington Avenue in Morrisania in two transactions. In the first, Bridge Asset Management through the entity 1103 & 1109 Washington Ave LLC paid $3 million to Shadan Harooni through the entity 1109 Washington Avenue Realty LLC for the industrial building (G2) at 1109 Washington Avenue in Morrisania, Bronx. The expected…
Joel Brach paid $9.5 million in four transactions to several owners for five adjacent vacant lots, 1091 Washington Avenue, 1097 Washington Avenue, and 447-451 East 166th Street, making a corner at Washington Avenue and East 166th Street in Morrisania, the Bronx. The entire parcel is about 112 feet by 96 feet. In September 2021, a new building construction project was filed for a 25-unit, 25,480…
Namdar Realty Group and Klosed Properties through the entity 176 Rivington Bh LLC paid $5.2 million to Paul Chen and Janney Chen through the entity PJJC Realty LLC for the 22-unit residential walkup building (C7) at 176 Rivington Street in Lower East Side, Manhattan. The expected use is cash flowing. The deal closed on August 6, 2024 and was recorded on August 14, 2024. The…
Rabsky Group through the entity 945 Bergen DH LLC paid $18.8 million through a bankruptcy to creditors including Churchill Real Estate Holdings through the entity Nassau Brewing Company Landlord LLC for the 38-unit residential elevator building (D7) at 945 Bergen Street in Crown Heights, Brooklyn. The expected use is cash flowing. The deal closed on August 2, 2024 and was recorded on August 14, 2024….
Developer Robert Lumaj through the entity 2111 White Plains LLC, paid $7.9 million to the Sopher Group for a development site with neighboring air rights totaling 80,000 buildable square feet at 211 White Plains Road at the corner of Maran Place, in Pelham Parkway, the Bronx. The sale closed on August 13, 2024, after going into contract on May 30, 2024. The transaction has not…
UPDATED, 7:30 a.m., September 24, 2024: Developer Palwinder Singh and Aditya Shah paid $3.4 million for a development site at 36-31 31st Street in Astoria, Queens, that has approved plans for a 21-unit development project. The property was the subject of a pre-foreclosure action Prime Capital Funding brought in March 2024 (705167/2024), alleging a 2020 construction loan with an outstanding principal of $917,108 was in…
A group of investors including mortgage broker Robert Horowitz through the company Third Avenue Design Capital LLC bought a note with an original principal of $121 million from Flagstar Bank, secured by Cohen Brothers Realty’s leasehold on the office building (O4) at 475 Park Avenue South in Midtown South, Manhattan. The deal closed on July 31, 2024 and was recorded on August 13, 2024. The…
