Meyer Chetrit faces a $225 million foreclosure on the Parkhill City apartment complex in Jamaica, Queens, due to default on a floating-rate loan secured in 2021. Chetrit, who had trouble stabilizing the property amidst pandemic-related leasing challenges, has not resolved the issue despite lengthy negotiations. The special servicer CWCapital Asset Management and bondholders initiated foreclosure after talks stalled. Chetrit’s issues include failed tax abatement acquisition and a rate cap expiration that increased financial strain. The foreclosure could lead to an auction, potentially benefiting bondholders if market conditions and interest rates improve.
Parkhill City
