Maverick Vs. Croman in $ 25 million mortgage foreclosure lawsuit



Clash of Villains: Maverick Seeks To Divest Steve Croman's Building Ransom

Mortgage Consolidation Documents from the City Registrar’s Office, Croman, David Aviram of Maverick, and 208 E 25th St. (Google Maps, City Registrar, ZoomInfo)

This is a lender versus a landlord in a new lawsuit between two prominent New York City real estate players.

Tough lender Maverick Real Estate Partners filed a lawsuit Friday against former inmate Steve Croman, who has targeted both tenants and lenders, with foreclosures of his four neighboring Keeps Bay apartment buildings.

The troubled debt firm, which filed a lawsuit just a day after receiving the mortgage, is demanding that Croman pay the outstanding balance of the mortgage of $ 25 million, including 24% interest for the remaining time on the loan. It also aims to sell an 85-unit assembly at 208-214 East 25th Street, which Croman acquired in 2001, public records show.

Maverick bought the mortgage from BankUnited, a Miami-based lender, just a day before filing a lawsuit in the New York Supreme Court. It claims that Croman defaulted on a loan twice by failing to transfer enough money to his BankUnited account in time for his July and August payments.

In March, a judge from New York extended the Croman complete the $ 8 million compensation for tenant harassmentciting hundreds of pandemic-related vacancies in his rental properties. It is unclear whether he will use the same defense this time, as his lawyers did not respond to Maverick’s lawsuit and Kroman’s company did not respond to a request for comment.

The mortgage, issued in 2016, combined 10 loans into one package for $ 25 million. According to Maverick’s complaint, Croman owes more than $ 22.7 million in this regard. In addition to recovering its principal, the lender seeks to capitalize on two alleged Croman defaults by charging multiple fees.

Maverick is demanding both immediate payment and prepayment – an aggressive stance even by New York City real estate litigation standards. He also estimates a 5 percent late payment charge for missed payments, and his 24 percent interest rate for the remaining Croman tab is 1 percentage point less than New York’s usury limit.

The lawsuit was filed by 25th Street Multifamily, LLC, registered at the Maverick’s Park Avenue office. An affidavit signed by the managing director and the firm’s attorney confirms the link.

New York Supreme Court Justice recently ruled against Maverick in a separate $ 3.6 million Chelsea mortgage foreclosure suit.


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