It’s bankruptcy time for Michael Lichtenstein LLC in Williamsburg

Liabilities at 227 Grand Street are as high as $10M

New York /
Nov.November 22, 2019 03:33 PM
227 Grand Street in Williamsburg and Michael Lichtenstein of Heritage Equity Partners (Credit: Google Maps, Heritage Equity Partners)

227 Grand Street in Williamsburg and Michael Lichtenstein of Heritage Equity Partners (Credit: Google Maps, Heritage Equity Partners)

Michael Lichtenstein has filed for Chapter 11 bankruptcy at an apartment building in Williamsburg, but said he plans to withdraw the application shortly.

Lichtenstein, the president of Heritage Equity Partners and a frequent partner of developer Toby Moskovits, filed the claim for 227 Grand Street through the entity MY2011 Grand LLC. He did so independently of his partnership with Moskovits and his role at Heritage Equity Partners, he said.

Toby Moskovits

Toby Moskovits

The property has between $10 million and $50 million worth of assets and $1 million to $10 million worth of liabilities on it, the filing states. It contains 41 residential units across five stories, with rents ranging from about $1,700 to $4,800 per month, according to StreetEasy.

Mark Frankel, an attorney for the LLC, declined to comment.

The bankruptcy filing, made Nov. 6, lists five creditors with unsecured claims on the property, the largest being the architect Karl Fischer at $50,000. Fischer passed away earlier this year, but his company Fischer + Makooi Architects remains active.

The other creditors on the property have claims of between $5,000 and $30,000. Lichtenstein’s LLC has a stake in the property worth $12.8 million, according to court documents.

S&B Monsey LLC, an entity linked to Moshe Dov Schweid, also filed for Chapter 11 bankruptcy for the same address on the same day, court documents show. That filing lists four creditors with about $250,000 in unsecured claims on the property and says that Schweid’s LLC has an interest in the building worth $13.2 million.

In 2017 Moskovits, Schweid and Lichtenstein’s LLC filed a lawsuit accusing Yoel Goldman’s All Year Management of stealing funds from 227 Grand Street and operating the building without authorization. Lichtenstein said in a statement that he recently reached a settlement with Goldman over these accusations that should render the bankruptcy filings unnecessary.

“I am pleased that we have come to an amicable out-of-court agreement with Yoel Goldman that settles all litigation related to a dispute over the property at 227 Grand,” Lichtenstein said. “We wish to express our appreciation to Mr. Goldman for working with us to resolve this in a friendly manner. As part of this settlement, all open litigation concerning this matter is being withdrawn.”


Related Articles

arrow_forward_ios
The South Brooklyn Marine Terminal (Google Maps; Waterfront Alliance)
State to develop wind turbine plant on Brooklyn waterfront
State to develop wind turbine plant on Brooklyn waterfront
Common Projects sneaker designer Peter Poopat bought the home in December. (Getty, Brown Harris Stevens)
$6.5M Fort Greene townhouse sale breaks neighborhood record
$6.5M Fort Greene townhouse sale breaks neighborhood record
The two most expensive contracts signed last week were condos at One Prospect Park West. (Douglas Elliman)
Brooklyn luxury market roars back to life
Brooklyn luxury market roars back to life
Brix Holdings CEO Craig Erlich (Photo via Brix; Getty)
Friendly’s saved from bankruptcy, preserving 130 locations
Friendly’s saved from bankruptcy, preserving 130 locations
Quarters CEO Rui Barros (Linkedin)
Quarters, the “WeWork of co-living,” files for bankruptcy
Quarters, the “WeWork of co-living,” files for bankruptcy
333 Johnson Avenue with Royalton Capital’s Jin Lee, Sciame Construction's Frank Sciame and Normandy Real Estate Partners' Finn Wentworth (Royalton Capital, Sciame, Normandy)
Normandy sued by former partners for hiding Netflix deal
Normandy sued by former partners for hiding Netflix deal
TF Cornerstone President Frederick Elghanayan with 2-10 54th Avenue and 55-01 Second Street in Long Island City (Google Maps)
The 10 biggest new project filings in NYC
The 10 biggest new project filings in NYC
New Yorkers signed leases in record numbers last month. (Getty)
Manhattan, Brooklyn rental leasing hit 12-year high in December
Manhattan, Brooklyn rental leasing hit 12-year high in December
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...