Steve Croman is dealing with one more foreclosures — and from a well-recognized foe.
Dalan Actual Property filed separate lawsuits towards the infamous landlord over alleged mortgage defaults tied to seven rental properties in Manhattan, in response to courtroom paperwork. Croman is accused of defaulting on loans totaling roughly $39 million.
Croman allegedly stopped making funds on the loans a 12 months in the past, in response to the courtroom filings. One mortgage is a $4.6 million mortgage tied to 44 Avenue B — the place Croman allegedly owes $4.2 million — whereas the opposite is a $34.2 million mortgage collateralized by a handful of properties: 1345 Amsterdam Avenue, 277 East tenth Avenue, 279 East tenth Avenue, 321 West sixteenth Avenue, 521 East fifth Avenue and 52 Barrow Avenue. Croman allegedly owes $25.1 million on that debt.
Dalan is in search of to foreclose on the properties and have them auctioned. Dalan and Croman didn’t instantly reply to requests for remark from The Actual Deal.
The 2 events know one another effectively.
Final month, Croman started battling a UCC sale on his $53 million Higher East Aspect residence, initiated by Dalan. Croman argues the public sale is just not commercially cheap, although he allegedly defaulted on a $31 million mortgage.
Earlier final 12 months, Dalan moved to foreclose on 4 of Croman’s properties which have debt totaling $27.5 million; Dalan bought a $140 million portfolio of the owner’s loans from Axos Financial institution in October 2024.
It’s one other headache for Croman, whose lenders are collectively attempting to foreclose on greater than $231 million in mortgage principal. Croman can be within the midst of a fight with his father, Edward Croman, who’s attempting to dissolve the household partnerships, alleging mismanagement.
Croman the youthful is likely one of the solely New York landlords to have been despatched to jail for actual estate-related crimes. As soon as named one of many metropolis’s worst landlords, Croman served eight months in state jail associated to mortgage and tax fraud and paid $8 million in restitution associated to accusations of tenant harassment.
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