Realty Law Digest
Scott E. Mollen, a partner at Herrick, Feinstein, discusses two foreclosure cases: "Bridgecity Capital QOB v. 1717 E. 8 St. LLC," and "NYCTL 2016-A Trust v. Neighborhood Youth & Family Services."
March 16, 2021 at 01:53 PM
12 minute read
Scott Mollen
Foreclosures—Receiver—Court Denies Motion To Stay Foreclosure Action and Grants Motion for Appointment of a Temporary Receiver—Executive Order 202.28 Applies Only to Individuals Not to LLC's
This decision involved an action to foreclose a commercial mortgage on two properties and a motion of appointment of a temporary receiver (receiver) to preserve and protect the properties and to collect any rents and profits. The defendants cross-moved for an order dismissing the complaint pursuant to CPLR 3211(a)(2) and (a)(7), or alternatively, staying this action.
On July 1, 2020, the plaintiff commenced the subject foreclosure action. Individual defendants had guaranteed payment of all sums under the loan. The loan matured on April 2, 2020. The defendants had allegedly defaulted by, inter alia, failing to pay off the loan by the maturity date and failing to maintain the properties. The plaintiff cited unpaid property taxes and charges, unpaid water/sewer charges and open violations.
The plaintiff submitted an affidavit, together with copies of the estimated rent rolls for the two properties. One property was a "walk up" apartment house which contained 24 units. It had a monthly rent roll of approximately $641,000.00. The other property was a "store building", with an annual rent roll of approximately $2.6 million dollars.
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