Retailers Financial institution is seeking to unload a Midtown condominium constructing that was caught in a three-year foreclosure battle with troubled landlord Abraham Leifer.
The financial institution, which took over the 39,000-square-foot constructing at 19 West fifty fifth Avenue in July in a foreclosures sale, is eyeing a sale value within the low $20 million vary. CBRE’s Dan Kaplan was tapped to market the property.
The vacant nine-story constructing between Fifth and Sixth avenues was in-built 1920. Leifer was planning a conversion to luxurious condos when Retailers Financial institution sued his Aview Equities in March 2023, searching for foreclosures following a string of forbearances.
Retailers alleged within the lawsuit that Leifer didn’t repay the steadiness of a $36.7 million refinance mortgage, along with different defaults together with failing to take care of a money steadiness of greater than $9 million.
A judgment of foreclosures was issued in July 2024 for about $49 million, plus curiosity and prices, based on courtroom filings. Two foreclosures gross sales had been postponed after the owner filed for Chapter 11 chapter safety. Each Chapter 11 filings have since been dismissed, mentioned Leifer’s lawyer Aaron Slavutin of Jacobs P.C.
Leifer bought the building from Salim Assa in 2018 for $50 million. He deliberate to remodel the bottom ground into retail, and add a number of new flooring of residential area to the highest of the constructing, boosting its space by 14,800 sq. ft.
The vertical extension was referred to as off, nevertheless, and Leifer tapped Serhant dealer Bernadette Brennan to unload the constructing for $42 million earlier than Retailers Financial institution sued him.
Leifer was going through troubles at a number of different initiatives. In 2023, lender Parkview Monetary filed a lawsuit in Brooklyn Supreme Courtroom towards Aview Equities over mortgages at a luxurious multifamily improvement at 57 Caton Place totaling $66 million. That swimsuit was settled.
In 2024, Leifer offered an unfinished lodge venture in Downtown Brooklyn by means of chapter. He has additionally been battling the owners of Prospect Park Secure over noise at that Caton Place venture.
A lawyer for Retailers Financial institution didn’t instantly reply to a request for remark.
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