The Real Deal New York

Benjamin Ringel defaulted on mezz loan: lawsuit

Ladder Capital says he failed to make payments on $5.9M loan backed by UWS retail condo

August 25, 2016 01:13PM
By Rich Bockmann

219 Sagg Main Street in South Hampton and the Upper West Side Food Emporium at 250 West 90th Street

219 Sagg Main Street in Southampton and the Upper West Side Food Emporium at 250 West 90th Street

Armstrong Realty Management CEO Benjamin Ringel, who’s facing foreclosure on his Southampton mansion, now has another legal woe.

Ladder Capital is suing the Midtown-based landlord, claiming he defaulted on a $5.9 million mezzanine loan secured against an Upper West Side retail condo.

In July 2015, Ladder provided a $21 million senior loan and the $5.85 million mezz loan on Ringel’s 21,000-square-foot retail condo at 250 West 90th Street, according to a summons filed in Manhattan State Supreme Court on Thursday.

Ringel paid $19.4 million in 2005 to buy the property, which has been occupied by the Food Emporium grocery before it closed.

Around March of this year, though, Ringel defaulted on the mezzanine loan, which as of August had an outstanding sum of $7 million, according the lawsuit.

Ringel couldn’t be immediately reached for comment. In June, a Suffolk County judge ordered a referee to assess the value of Ringel’s mansion at 219 Sagg Main Street.

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