Home News Marvin Azrak Closes on Chaskiel Strulovitch’s Brooklyn Portfolio

Marvin Azrak Closes on Chaskiel Strulovitch’s Brooklyn Portfolio

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Marvin Azlac, 1125-1133 Green Avenue, 1213 Jefferson Avenue, 263 18th Street, 325 Franklin Avenue (LinkedIn, Google Maps)

The purchase of a significant portion of Chaskiel Strulovitch’s portfolio has finally ended, ending one of Brooklyn’s most combative real estate battles in recent memory.

Facing foreclosures from hardball lenders Maverick Real Estate Partner, Strulovitch has driven 31 buildings into Chapter 11 bankruptcy in 2019. He was able to save most of them with costly refinancing. Marvin Azark’s Magwire Capital, New York-based lender. However, after nine properties slipped down and the controversial auction, Magwire eventually dominated most of them.

Earlier this year, an auction was held that included 11 qualified bidders, 27 signed and funded contracts, and 140 bids. The sale has finally ended this month. Not surprisingly, it ends the three-year drama surrounding the property.

Greg Corbin, president of bankruptcy and restructuring at Rosewood Realty Group, which led the marketing, said: “I’ve never seen so many moving parts come together and sell successfully.”

Maverick’s lawyer didn’t see it that way. They challenged the auction and called it “a chaotic and chaotic sight.”

Magwire has acquired 6 properties. Investors Joel Wertzberger and Josef Mikkelson bought the other three separately. The winning bid totaled $ 19.6 million, including brokerage fees and a split fee of approximately $ 350,000 paid to stalker horse bidders. FREO group..

The Strulovitch portfolio is one of dozens of real estate entities in New York City and was eventually placed in White Plains court. Federal Bankruptcy Judge Robert DrainSurvey by Genuine found.

Some critics consider it more debtor-friendly than other bankruptcy judges. The judge strongly refuted the accusations, stating that the debtor was not shopping at the venue to obtain a particular result.

Strulovitch’s legal issues date back to 2017 when Maverick purchased a $ 40 million loan associated with his portfolio from Signature Bank. Maverick began foreclosure within six months, claiming that the landlord had defaulted because Strlovich did not disclose the true ownership of the property. Maverick accused Strlovich of hiding ownership of real estate investor Joshua Wagshall to protect Wagshall from creditors.

Around the same time, a group of Israeli investors was joined by Strlovich and his partner. Deceived them from $ 20 million With a Ponzi scheme. The case is currently under arbitration.

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