From left: 100 South 4th Street (credit: PropertyShark) and 120 South 4th Street
Two under-the-radar Brooklyn real estate developers are confronting more than
$51 million in personal guaranty and foreclosure lawsuits on five separate loans
doled out in Williamsburg and Greenpoint in 2006 and 2007.
In the largest and most recent legal action, special servicer CWCapital Asset
Management sued the developers, Menachem Stark and Israel Perlmutter, to
recover $29 million lent in 2007 and secured by the seven-story, 74-unit rental
building at 100 South 4th Street, between Berry Street and Bedford Avenue.
In the CWCapital suit filed in U.S. District Court in Brooklyn June 28, the special
servicer claims the pair personally owes the full $29 million because of a Chapter
11 filing the pair entered in an effort to block a foreclosure proceeding in 2009…. [more]