The Real Deal New York

Brooklyn developer files for Ch. 11

May 12, 2009 02:43PM
By Adam Pincus

alternate text
Fred Deutsch filed for bankruptcy

Fred Deutsch, the developer of a four-story residential
building at 338-342 22nd Street
in the Greenwood section of Brooklyn,
filed for bankruptcy protection yesterday.

Deutsch, the owner of LD Development and 11 other entities
he controls, filed for bankruptcy protection May 11 in federal court in Manhattan, according to
the filings.

The liabilities
for LD Development were allegedly between $10 million and $50 million while
assets were between $1 million and $10 million.

The Brooklyn project had a stop work order served on April 30, which remains in effect, the city Department of Buildings Web site said.

Deutsch is the founder of Voxonic, a software company at 244 East 62nd Street that can transform a speaker’s voice into hundreds of different languages, according to the company Web site. The Deutsch-controlled entity 244 East LLC, which has owned that building since March 2006 when it purchased it for $4.5 million, also filed for bankruptcy.

Deutsch sold a 30-story building to the developer of the Jasper at 114 East 32nd Street, Harry Jeremias, in May 2006 for $53 million, 43 years after buying the building for an undisclosed price, according to the city Department of Finance records. The building was a former office tower that Jeremias is converting into residential apartments.

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