Anglo sues Assa over $18.5M 8th Ave. default

TRD New York /
Apr.April 29, 2011 11:21 PM

Anglo Irish Bank filed a foreclosure suit against Assa Properties, alleging the Manhattan-based developer defaulted on an $18.5 million loan at commercial building 940 Eighth Avenue.

The four-story, 28,400-square-foot building, between 55th and 56th Streets, had been listed for sale since December 2010 at $29 million. The property is listed on the Eastern Consolidated website as in-contract; a spokesperson was not immediately available for comment.

According to the suit, filed four days ago in New York State Supreme Court, senior lender Anglo Irish consolidated several prior loans into a single note in November 2007, and set a maturity date of Nov. 18, 2009.

Anglo Irish said it notified Assa of the default in May 2010, adding that the maturity date could not be extended because the borrower failed to meet additional conditions. By March 24, 2011, the lender said it notified the borrower that the default had not been cured and demanded all principal and interest.

The lender said that is now owed $16 million for the property. The lender is asking for a judgment and sale of the property and also asked for a judgment against Salim, a principal and founder of Assa, and Esak Assa, executive vice president of Waterscape, who each personally guaranteed the loan.

The suit is the latest in a string of troubles for Assa, which filed the Cassa NY Hotel and Residences, at 70 West 45th Street, into bankruptcy protection earlier this month. 

Assa said it had an agreement with an international investor to buy the hotel portion of the Cassa for $130 million

Assa officials were not immediately available for comment. Lawyers for Anglo Irish declined to comment.


Related Articles

arrow_forward_ios
The fault in our stars: Solly Assa sues soothsayers at NoMad hotel

The fault in our stars: Solly Assa sues soothsayers at NoMad hotel

Daun and Peter Hauspurg and ABS Partners Real Estate offices at 200 Park Avenue South (Credit: Twitter and ABS Partners)

They ran a brokerage, now they’re sourcing deals. Why Daun and Peter landed at ABS

Eastern Consolidated’s Mark Schnurman to head sales at Eastern Union

Eastern Consolidated’s Mark Schnurman to head sales at Eastern Union

Peter Hauspurg and Daun Paris resurface at ABS Partners

Peter Hauspurg and Daun Paris resurface at ABS Partners

HKS hires former Eastern principal to launch new i-sales division

HKS hires former Eastern principal to launch new i-sales division

Lee & Associates brings on Eastern Consolidated broker for newly created investment sales division

Lee & Associates brings on Eastern Consolidated broker for newly created investment sales division

Eastern Consolidated sues for commission on 2017 office lease

Eastern Consolidated sues for commission on 2017 office lease

Eastern Consolidated’s Robin Abrams joins Compass’ commercial division

Eastern Consolidated’s Robin Abrams joins Compass’ commercial division

arrow_forward_ios