John R. Siura, CEO of Webster Bank, is seeking to seize two of Strulovich’s assets. (LinkedIn, Google Maps, iStock)
Chaskiel Strulovitch is far from out of the woods after a brutal three-year battle with hardball lender Maverick Real Estate Partners, which tried to foreclose on much of his portfolio.
A beleaguered Brooklyn landlord faces foreclosure on at least three properties, including two apartments and most recently a Brownstone in Bedford-Stuyvesant.
A group of Israeli real estate investors is also embroiled in a nasty federal lawsuit five years ago that alleges Strulovitch was involved in a “Bernie Madoff-style” scheme that caused more than $90 million in damages. The case is currently in arbitration, according to court filings.
But when Strulovitch fought in federal court, his lenders realized other problems.
Last January, Flushing Bank filed a foreclosure action against Štrulovic, accusing him and other investors of failing to pay interest on an $850,000 loan. A loan for a mixed-use rental property at 1078 Avenue DeKalb in Bedford-Stuyvesant defaulted in August 2020, according to Flushing Bank.
A year later, Webster Bank, through its predecessor Sterling National Bank, filed a lawsuit against Strulovich over 945 Park Place, a 14-unit apartment complex in Crown Heights. Lenders gave Strulovitch his $2.7 million loan, but claim he never paid it off.
Two weeks ago Webster Bank filed another lawsuit. This time, Bedford-Stuyvesant’s three-story brownstone at 74 Van Buren Street, claiming the landlord failed to pay interest on his $800,000 loan that began in 2014. sought a foreclosure. The bank claims it defaulted on June 15th. Strulovitch said he bought the property for $315,000 in 2012, records show.
The latest foreclosure attempt, even by New York City real estate standards, comes just weeks after Strulovitch ended a years-long bankruptcy battle.
In 2017, lender Maverick Real Estate Partners attempted to foreclose on about 33 Strulovich properties across Brooklyn, including Williamsburg and Carroll Gardens. Allegedly, Strullovic hid the true ownership of the property from real estate investors trying to avoid creditors.
Strulovitch stopped the foreclosure by presenting the assets before White Plains bankruptcy judge Robert Drain.
Nine of the properties that went up for auction earlier this year were sold, but Strulovitch was able to maintain control of several others thanks to a large bailout fund. His nearly five-year saga over portfolio management finally came to an end in May.
Flushing Bank declined to comment. Neither Webster Bank nor his Strulovitch could be reached for comment.