Tomorrow, with temperatures forecast to drop into the single digits and wind chills well below zero, an open house is scheduled at Sinha’s 11-unit condominium in NoMad. And Sinha very much needs buyers for the four remaining apartments.
Ran Eliasaf’s aptly named Northwind Group filed a pre-foreclosure action this week accusing Sinha of defaulting on a $23.8 million land loan secured by the condo, at 128 East 28th Street, 128-east-28th-street/ and a rental property at 109 East 29th Street. PincusCo first reported the filing.
Sinha’s NoMad eight-story condo was completed in 2021. Asking prices for the four available units range from $2.2 million to $5.2 million, according to a StreetEasy listing. The property’s listing broker, Douglas Elliman’s Robert Morrison, declined to comment.
The pandemic appears to have set the project back. Construction was close to topping out in late 2019, only to stall when Covid arrived the next year, New York Yimby reported. Construction resumed in 2021.
The rental property at 109 East 29th Street was built in 1910 and has seven units across four floors.
In October 2021, Northwind provided Sinha Development with $27.3 million across three loans, including the one for $23.8 million, according to court documents. The main loan was guaranteed by property owner Prakash Sinha and also secured by “all or substantially all” of Sinha’s personal property, according to the complaint.
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Northwind notified Sinha in November that he was in default for failing to replenish the interest and servicing fee reserve and tax reserve accounts, a requirement if the balances dropped below a certain threshold, according to the suit. He has allegedly failed to make good on the commitments.
Sinha did not make the monthly debt payment last month, the suit claims, and was notified again by Northwind that the loan was in default, triggering the pre-foreclosure filing. The loan’s outstanding debt of roughly $17.7 million, plus accrued interest, default fees and other charges, was accelerated by Northwind.
Sinha could not be reached and his attorneys had yet to respond when reached for comment.
Northwind did not respond when reached for comment and its legal team declined to comment.