Toby Moskovits (Google Maps, New York State Supreme Court)

Eleven months later Filed for bankruptcy, changes are underway at an inactive Bushwick hotel development site owned by Toby Moskovits’ Heritage Equity Partners.

Fortress Investment Group has foreclosed on the property at 232 Seigel Street in connection with a court order This is how Heritage can settle the mezzanine debt, PincusCo reported.

“The COVID-19 Emergency Protect Our Small Businesses Act of 2021 does not apply to this matter,” stated Fortress his complaint, “Because the property is vacant and undeveloped and should only be used as a hotel with approx. 155 rooms with amenities, communal areas and parking spaces.”

The senior loan of $ 5.25 million is guaranteed by Moskovits, Michael Lichtenstein and Moshe Dov Schweid. According to the lawsuit, the total amount owed is now $ 8.2 million, including interest and penalties.

The Seigel Street property is part of Heritage’s Bushwick Generator project, which also includes creative and technology offices at 215 Moore Street. The complex was the subject of numerous litigation between Moskovits’ firm and lenders accused of predatory credit practices by Moskovits.

Last summer, a judge allowed that Appointment of a recipient for the Moore Street property. The property on Seigel Street filed for Chapter 11 bankruptcy protection a month later after a potential buyer failed to close due to the pandemic, according to PincusCo. Elsewhere in Brooklyn, the Williamsburg Hotel has filed for bankruptcy from Moskovits in February.

[PincusCo] – Kevin Sun

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