Real estate developer Michael Shah faces a foreclosure lawsuit from Wells Fargo for failing to repay a $28 million mortgage on two Meatpacking District properties, 58-60 Ninth Avenue and 69 Gansevoort Street. Shah had consolidated a previous $20.5 million debt with an additional $7.5 million loan in 2017. Despite the loan maturing in August 2022, it remains unpaid. Shah is negotiating with the lender and plans to market the properties. Shah’s attorney expressed optimism that foreclosure will be avoided. This lawsuit follows other legal disputes and Shah’s recent maneuvering to avoid default on Israeli bonds by selling another property.
58-60 Ninth Avenue and 69 Gansevoort Street
