Private investment firm Bluestone Group has sought legal action to foreclose on and sell 209 Seventh Avenue, also known as 169 West 22nd Street, which is home to Restivo Ristorante.
The restaurant’s operator, Joseph Restivo, who owns the 3,756-square-foot, four-story building, took out a consolidated and restated mortgage in October 2005 for $725,000 from the Dime Savings Bank of Williamsburgh, the New York Supreme Court summons indicates. This March, the mortgage was assigned by the bank to Eli Tabak‘s Bluestone Group pursuant to an assignment of mortgage.
According to the complaint, Mr. Restivo owes $618,250.39 plus additional fees at the 1901 building, and has been “failing and omitting to pay the monthly payments each of which became due on the first day of the following respective months: December 2014 through March 2015,” court documents indicate. The building contains five residential units and the 934-square-foot restaurant.
“It’s already taken care of,” Mr. Restivo said. “Last week it was taken care of.”
Barry Altmark, a senior vice president at Bluestone, suggested the case was still ongoing. He emailed: “We do not comment on matters in which there is pending litigation.”
Jerold C. Feuerstein of Kriss & Feuerstein, who represents Bluestone in the foreclosure action complaint, didn’t respond to a request for comment.