Tag: Tse

FORECLOSURE

Churchill Sues Gary Tse Aiming To Collect $20M Judgment

2 months ago
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Churchill Real Estate's Justin Ehrlich and 381 Broadway (Google Maps)

Churchill Real Estate’s Justin Ehrlich and 381 Broadway (Google Maps)

Churchill Real Estate has filed a lawsuit against a company tied to CTW Realty’s Gary Tse in order to collect a $20 million foreclosure judgment.

The lawsuit, filed in New York State Supreme Court, is Churchill’s apparent attempt to counter Tse’s recent move to seek Chapter 11 bankruptcy protection for the shell company, 381 Broadway Realty, which faces foreclosure and $23 million in debt, including $20 million from Churchill.

In the complaint, Churchill alleges that Tse has violated the debt agreement by letting his childrens’ business, Caden, host “boisterous and loud parties” at 381 Broadway without collecting rent, and by taking out total $5.5 million loans against the building without Churchill’s consent.

“Given the foregoing, Tse is liable for the full unpaid value of the debt,” the complaint states.

Leopold declined to comment. Elena McDermott, the attorney representing 381 Broadway

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FORECLOSURE

Tribeca Building Owner Gary Tse Files to Bankruptcy

2 months ago
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381 Broadway (Google Maps)

381 Broadway (Google Maps)

The owner of a five-story commercial building in Tribeca has filed for bankruptcy, facing foreclosure and $23 million in debt.

CTW Realty’s Gary Tse owns the 18,300-square-foot building at 381 Broadway through an entity, 381 Broadway Realty, which recently filed for Chapter 11 protection with the U.S. Bankruptcy Court Southern District of New York in Manhattan.

Another property owned by Tse at 55-59 Chrystie Street in Chinatown was sold in a bankruptcy auction earlier this year. Jeffrey Lam of Lam Generation bought the 46,000-square-foot mixed-use building in Chinatown for $28.6 million, according to public records.

Tse’s lenders have been trying for more than two years to foreclose on the property for default, but can’t proceed currently because of the pandemic.

In June 2018, Wilmington Trust, which had taken over Tse’s $15 million mortgage for the Tribeca building from the original lender, Ladder Capital, sued the building

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