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

Fannie Mae Is Granted Appointment of Receiver Over Foreclosed Brooklyn Properties

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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.

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