Foreclosure suits: $21M at LIC hotel; $12.3M against Ashkenazy; $8.5M against Thor
50 Bond Street (Credit: Google)
Properties owned by Thor Equities, Ashkenazy Acquisition and a trio of hotel investors were targeted with foreclosure actions this week. The largest was a $21 million loan secured by the Holiday Inn Long Island City – Manhattan View. The next highest was a suit against Ashkenazy’s retail condo at 1400 Broadway in the Garment District. The third was seeking to foreclose on Thor’s retail condo at 50 Bond Street in Noho.
Court filings are the positions of one party and may or may not be accurate and complete. None of the borrowers has yet filed response papers.
In the largest, Wilmington Trust, as trustee for bondholders of COMM 2015-CCRE23, filed to foreclose on a loan given to three hotel investors with an original principal of $21 million secured by the hotel Holiday Inn Long Island City – Manhattan View, at 39-05 29th Street in Long Island City, Queens. The fee of the property is owned by an affiliate of U.S. Realty Advisors, while the borrowers are the ground tenants, through a lease signed in 2014 valued at $22.4 million. The guarantors were Hafeez Choudhary, Mark Farruqui and Delwar Hussain, according to the complaint. LINK
In the second-largest, the lender alleges the original $12.3 million loan with interest is now $16.665 million as of February 16, 2022. Ben Ashkenazy through his entity 1400 Retail Owner LLC, owns 90% while Andrew Cohen through his entity AJC Retail Owner LLC, owns 10%. The condo board for the building filed a lien alleging $338,905 in unpaid condo fees. LINK
Rialto Capital Advisors as special servicer for the securitized debt identified as 2017-CD4, filed to foreclose on the loan with an original principal of $8.5 million that Citibank originated in 2017, provided to Joe Sitt’s Thor Equities. Thor bought the retail condo at 50 Bond Street on April 27, 2015, for $11.17 million. Thor allegedly did not make its payment due May 6, 2021, and afterwards. A letter dated November 4, 2021, provided notice of the default, the complaint says. LINK