SEARCH

Fed. Nat'l Mort. Ass'n v. 204 Ellery St. LLC

Fannie Mae Is Granted Appointment of Receiver Over Foreclosed Brooklyn Properties

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MEMORANDUM & ORDER On July 13, 2023, plaintiff Federal National Mortgage Association (“Fannie Mae”) commenced this action against defendants 204 Ellery St., LLC (“Ellery Borrower”), 199 Meserole St., LLC (“Meserole Borrower”), Jorge Gamba, the New York City Environmental Control Board, and multiple John Does, seeking to foreclose on two mortgages, one encumbering 204 Ellery St., Brooklyn (“Ellery Property”) and the other 199 Meserole St., Brooklyn (“Meserole Property,” and collectively with the Ellery Property, “properties”). See Compl., Dkt. 1. Before the Court is Magistrate Judge Robert M. Levy’s Report and Recommendation (“R&R”), recommending that plaintiff’s motion to appoint Orazio Crisalli as receiver of the properties be granted. R&R, Dkt. 26, at 9.¹ The Ellery Borrower, Meserole Borrower, and Gamba filed timely written objections to Judge Levy’s R&R on May 7, 2024, and Fannie Mae filed a response to those objections on May 17, 2024. Defs.’ Obj., Dkt. 28; Pl.’s Obj. Opp’n, Dkt. 30. For the following reasons, the R&R is adopted in full as the opinion of the Court. Background The Court presumes the parties’ familiarity with the underlying facts and procedural history of this case, which are only recounted here insofar as they are helpful to understand the R&R and the Court’s adoption of it. On February 24, 2020, the Ellery and Meserole Borrowers each secured multimillion dollar loans with mortgages encumbering the Ellery and Meserole Properties, respectively. Compl.

16-18, 24-26. Gamba, the sole member of both borrowers, agreed to personally guarantee both loans. Id.

More From ALM

Premium Subscription

With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. This is perfect for attorneys licensed in multiple jurisdictions or for attorneys that have fulfilled their CLE requirement but need to access resourceful information for their practice areas.
View Now

Our Team Account subscription service is for legal teams of four or more attorneys. Each attorney is granted unlimited access to high quality, on-demand premium content from well-respected faculty in the legal industry along with administrative access to easily manage CLE for the entire team.
View Now

Bundle Subscriptions

Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. Both options are priced the same.
View Now

From Data to Decisions

Dynamically explore and compare data on law firms, companies, individual lawyers, and industry trends.

Exclusive Depth and Reach.

Law.com Compass includes access to our exclusive industry reports, combining the unmatched expertise of our analyst team with ALM’s deep bench of proprietary information to provide insights that can’t be found anywhere else.

Big Pictures and Fine Details

Law.com Compass delivers you the full scope of information, from the rankings of the Am Law 200 and NLJ 500 to intricate details and comparisons of firms’ financials, staffing, clients, news and events.

General Counsel Conference East 2024

November 18, 2024 - November 19, 2024
New York, NY

Join General Counsel and Senior Legal Leaders at the Premier Forum Designed For and by General Counsel from Fortune 1000 Companies

Learn More

British Legal Awards 2024

November 27, 2024
London

Celebrating achievement, excellence, and innovation in the legal profession in the UK.

Learn More

GlobeSt. Healthcare Real Estate 2024

December 02, 2024 - December 03, 2024
Scottsdale, AZ

Join the industry's top owners, investors, developers, brokers and financiers for the real estate healthcare event of the year!

Learn More

Civil Litigation Attorney

Robert C. Gottlieb & Associates PLLC is a 40-year-old litigation boutique looking to hire a civil attorney who has concentrated in civil...

Apply Now ›

Litigation Attorney II/III/IV

The County Counsel's Office is recruiting for a Litigation Attorney. These positions provide legal advice, assistance and representation in ...

Apply Now ›

Employee Benefits Attorney

Harter Secrest & Emery LLP is seeking a mid- to senior-level Employee Benefits attorney for the firm s Rochester, Buffalo or Albany offi...

Apply Now ›