The Real Deal New York

This Greenwich Village townhouse just sold at auction for $15M

The property faced foreclosure on two mortgages
By Meenal Vamburkar | December 18, 2018 03:30PM

215 Sullivan Street (Credit: iStock)

A 39-foot-wide townhouse unit at 215 Sullivan Street sold at auction this month after facing foreclosure.

Unit TH-A sold for $14.6 million, according to records filed with New York City’s Department of Finance. The seller is listed as “215 Sullivan St, LLC.”

Miami Beach-based buyer NW Sullivan LP started proceedings to foreclose on the property last year. The entity first took action against a 2016 mortgage of $11.75 million, according to a court filing. The home then also faced a foreclosure action on a second mortgage of $4.5 million.

The legal complaint noted that the defendant owed $14.35 million to NW Sullivan. It further said that while it was being marketed by Douglas Elliman for $18 million, the property had no buyers. It was also listed this year by Sotheby’s International Realty for $17.7 million, later cut to $16.9 million.

In 2012, the Securities and Exchange Commission took action against Manuel M. Bello, who’s listed in property records as the manager of “215 Sullivan St, LLC.” Bello controlled New Jersey-based Ayuda Equity Funding and AmeriFund Capital Holdings — and was accused of reaping illegal profits from the companies.

The sale’s signatory, Joel Eidelstein, is a managing partner at New Wave Loans, a private lender for commercial and residential deals. Eidelstein and the buyer’s attorney, Casey Delaney at Cuddy & Feder, didn’t immediately respond to request for comment.

The seller purchased the unit for $17.4 million in 2016. No other bids were made for the property.