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Steve Croman Puts Kips Bay Buildings into Bankruptcy

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David Aviram of Maverick Real Estate Partners, David Goldwasser of FIA Capital Partners and Steve Croman (LinkedIn, Google Maps, Getty)

Karma has arrived Steve Croman.

of bane A myriad of New York City tenants and some lenders filed for Chapter 11 bankruptcy on Wednesday. 4 adjoining buildings Kips Bay denounces unscrupulous businessmen.

notorious landlord, who did the imprisonment I defrauded a commercial real estate bank and need bankruptcy protection 208-214 East 25th Streethis attorney claims, because he became “a victim of predatory lending practices.”

Maverick Real Estate Partners had moved to foreclosure About the portfolio when Croman fell behind on debt payments last summer.

FIA Capital Partners David GoldwasserThe bankruptcy’s chief restructuring officer provides Croman’s side of the story.

Despite having trouble collecting rent during the pandemic, the landlord took advantage of a $25 million loan provided by BankUnited, Goldwasser filings say. Croman forked some of his own funds to make up for his lack of income and cover his $110,000 monthly payment to BankUnited.

By July, when BankUnited attempted to recover from Croman’s account, there was a deficit of more than $16,000, the filing explains.

Goldwasser claims Croman was not informed of the matter, and on August 11, after another “modest” shortfall, the bank rolled up the debt and sold it to a limited liability company associated with Maverick. did.

2 days later Maverick sued for foreclosure It demanded that Croman repay the $22.7 million it owed on four buildings and pay interest at a penalty rate of 24% over the remaining term of the loan.

In the bankruptcy filing, Goldwasser alleges Croman tried to restore good relations with Maverick.

He had been making regular monthly payments from September 2021 to date with no default interest, which Maverick refused, so Croman placed about $1.5 million in escrow.

Goldwasser claims that Maverick’s refusal to pay was part of a “thinly veiled strategy to increase default rate runs.”

“In many ways, debtors are victims of predatory lending practices,” the restructuring officer wrote, alluding that Madison has a “questionable reputation” for buying and claiming bad debt. overdue interest.

Maverick used a similar tactic to seize a Holocaust survivor’s Chelsea apartment, charging 24% interest. It was a baseless claim.

Last November, Maverick surrender Attempted Foreclosure When A Panel Of Five Appeals Division Judges Dismissed The Company’S Appeals To Two Lower Court Judgments.

Croman’s bankruptcy buys him time and blunts Maverick’s attempts to seize the building on East 25th Street.

Neither Maverick nor BankUnited responded to requests for comment. Croman could not be reached.

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