Aulder Capital Buys Multifamilies

Aulder Capital Buys Multifamilies
26 July 2023
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Lender wins bankruptcy auction it forced on Upper East Side buildings.

JUL 26, 2023, 8:00 AM
By Jeff Andrews
Research by Jay Young

Two multifamily buildings on the Upper East Side sold at a bankruptcy auction for $17.5 million to Jonah Bamberger’s Aulder Capital, which had foreclosed on them.

Located at 162-164 East 82nd Street, the buildings combine for 37 units over 10 floors and almost 10,000 square feet. Northeast Bank provided $7.2 million in financing for the purchase. The address on a legal filing traces back to another company for which Bamberger is the CEO — short-term rental operator Viagem.

The Real Deal reported in the spring that the two buildings were controlled by Ruben Azrak before Aulder Capital initiated a UCC foreclosure.
A company tied to Azrak had bought them from Harbor Group in 2017 for $19.4 million using $12 million in loans that Aulder later purchased.

Greg Corbin of North Point Real Estate Group spearheaded the bankruptcy auction.

Kevin Nash of Goldberg Weprin Finkel Goldstein signed for the seller. Robert Johnson signed for the buyer.

The deal was the highlight of last week’s middle market investment sales, defined as between $10 million and $40 million. Below are the others, ranked by dollar amount.

Atlantic Capital Partners, a subsidiary of Atlantic Retail, executed a $40 million sale-leaseback of a movie theater in Brooklyn. Located at 2784 Linden Boulevard between East New York and the Queens border, the theater was built in 1998 and is currently a Showcase Cinema. The buyer was Bogopa Enterprises.

A single-unit office building in Flushing sold for $37 million. New Age Developers bought the property and took out a $16 million loan from Amerasia Bank to finance the purchase. Gelfarb Properties, the seller, acquired the property at 136-29 38th Avenue in January from the National Bank of New York City, the building’s tenant.

Two mixed-use buildings in the Financial District sold for $15.1 million. The neighboring properties — which combine for 15,000 square feet, seven residential units, and three commercial units — are at 53 and 55 Stone Street.

The buyer was Orsipel V LLC. Sean Lefkowitz and David Lloyd’s Davean Holdings along with Meadow Partners bought the buildings for $10.1 million as part of a 12-property purchase in December 2021. Stephen Siminou signed for the buyer. Lefkowitz signed for Davean.

Joel Wagschal sold a retail building in the Bronx for $10 million. Located at 2241 Westchester Avenue in Westchester Square, it has 10 units and 26,000 square feet. The buyer is an entity that traces back to Olen Properties. Wagschal bought the property in March 2022 for $12.9 million from Joseph Buoninfante.