Maverick Trying to Foreclose Against Chetrits’ 447 Broadway
By Mark Hallum July 12, 2024 2:04 pm
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Maverick Real Estate Partners has started the foreclosure process on Isaac and Eli Chetrit’s 447 Broadway, alleging that the brothers defaulted on a $14.3 million loan.
The SoHo property, which the Chetrits’ Zahava Realty purchased for an unknown amount in 1996, first received the loan in 2017 with Signature Bank (SBNY) originating the debt and passing it on to Maverick in February after it went into receivership, according to court records. There is an outstanding balance of $13.6 million, which has a 24 percent default rate attached to it.
Crain’s New York Business first reported the action.
Tenants Lipman Studio, Pocco Paradiso and JSG Broadway Eats are listed as defendants in order to bar them from claiming any rights to the building via their lease agreements — especially Lipman, which signed a lease in March, according to the documents.
Maverick and AB & Sons — the Chetrits’ organization — did not respond to requests for comment.
Other commercial tenants in the building not mentioned in the lawsuit include coworking provider Farm SoHo, accounting firm Timur Knyazev, and telehealth service FaceMyDoc. All are located on the second floor.
The building situated between Howard and Grand streets in the SoHo-Cast Iron Historic District spans 25,000 square feet in total commercial space, with 5,000 of that being retail space, according to PropertyShark.
Mark Hallum can be reached at mhallum@commercialobserver.com.
