1S REO OPPORTUNITY 1, LLC v. 223 HOWARD LLC

CourtDistrict Court, E.D. New York
DecidedFebruary 3, 2026
Docket1:24-cv-02877
StatusUnknown

This text of 1S REO OPPORTUNITY 1, LLC v. 223 HOWARD LLC (1S REO OPPORTUNITY 1, LLC v. 223 HOWARD LLC) is published on Counsel Stack Legal Research, covering District Court, E.D. New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
1S REO OPPORTUNITY 1, LLC v. 223 HOWARD LLC, (E.D.N.Y. 2026).

Opinion

UNITED STATES DISTRICT COURT EASTERN DISTRICT OF NEW YORK -------------------------------------------------------x 1S REO OPPORTUNITY 1, LLC,

Plaintiff, MEMORANDUM & ORDER - against - 24-CV-2877 (PKC) (VMS)

223 HOWARD LLC,

Defendant. -------------------------------------------------------x PAMELA K. CHEN, United States District Judge: On April 17, 2024, Plaintiff 1S REO Opportunity 1, LLC filed its Complaint, pursuant to New York Real Property Actions and Proceedings Law (“RPAPL”), Section 1301 et seq., seeking to foreclose a commercial mortgage against Defendant 223 Howard LLC. (See Compl., Dkt. 1, ¶¶ 1, 7.) Currently before the Court is Plaintiff’s Motion for Summary Judgment pursuant to Federal Rule of Civil Procedure (“Rule”) 56. (Pl.’s Mot. for Summ. J. (“Mot.” or “Motion”), Dkt. 23.) Plaintiff alleges that it has met its prima facie case for foreclosure and that Defendant’s Answer with its affirmative defenses should be stricken. (Pl.’s Mem. in Supp. of Mot. for Summ. J. (“Mot. Mem.”), Dkt. 23-1, at 4–6.) Defendant claims that it has presented valid defenses and that material and factual disputes remain such that summary judgment is inappropriate at this time. (Def.’s Mem. in Opp’n to Mot. for Summ. J. (“Opp’n”), Dkt. 24, at 1, 4.) The Court concludes that Plaintiff has met its burden of proof and that Defendants have failed to advance evidence that creates a genuine dispute of material fact. For the reasons explained below, Plaintiff’s Motion for Summary Judgment is granted in part and denied in part. BACKGROUND I. Factual Background1 A. The Property and the Mortgage On August 26, 2021, Defendant obtained a loan from Quanta Finance, LLC (“Quanta”) in the amount of $3,525,000 (the “Loan”). (See Pl.’s Statement, Dkt. 23-2, ¶ 2; Mortgage, Dkt. 235, at ECF2 4–7 (the “Loan Agreement”).) The same day, Defendant executed and delivered a

Consolidated Promissory Note (the “Note”) to Quanta in that amount, (Pl.’s Statement, Dkt. 23-2, ¶ 2; see Consolidated Promissory Note and Allonge (“Note and Allonge”), Dkt. 23-4), and executed and delivered to Quanta a Consolidation, Extension and Modification of Mortgage Agreement (the “Mortgage”) to secure the sum of $3,525,000 plus interest, which was recorded in the Kings County Clerk’s Office on November 10, 2021, and which encumbers the premises known as 223 Howard Avenue, Brooklyn, NY, 11233 (the “Property”), (Pl.’s Statement,

1 Unless otherwise noted, the following facts are taken from Plaintiff’s Statement pursuant to Rule 56.1 of the Local Rules of the Eastern District of New York, (“Pl.’s Statement”), (Dkt. 23-2), and are undisputed. See Local Civ. R. 56.1(c) (“Each numbered paragraph in the statement of material facts set forth in the [Local Civ. R. 56.1] statement required to be served by the moving party will be deemed to be admitted for purposes of the motion unless specifically denied and controverted by a correspondingly numbered paragraph in the statement required to be served by the opposing party.”). The facts recited herein are also supported by admissible evidence. See Vt. Teddy Bear Co. v. 1–800 Beargram Co., 373 F.3d 241, 244 (2d Cir. 2004) (“[The Court] must be satisfied that the citation to evidence in the record supports the assertion.” (citation omitted)); see also Avail 1 LLC v. Varlas, 680 F. Supp. 3d 265, 269 (E.D.N.Y. 2023) (noting that parties must proffer factual statements “supported by admissible evidence”). As permitted by Rule 56(e) of the Federal Rules of Civil Procedure and 28 U.S.C. § 1746, the Court relies in part upon sworn affidavits setting forth admissible facts based on personal knowledge and unsworn, written declarations “subscribed . . . as true under penalty of perjury, and dated.” See Fed. R. Civ. P. 56(e); 28 U.S.C. § 1746. Where the facts are in dispute, the admissible evidence is construed in the light most favorable to the non-moving party. Fed. Ins. Co. v. Am. Home Assurance Co., 639 F.3d 557, 566 (2d Cir. 2011) (quotation omitted). 2 Citations to “ECF” refer to the pagination generated by the Court’s CM/ECF docketing system and not the document’s internal pagination. Dkt. 23-2, ¶ 3; see Mortgage, Dkt. 23-5, at ECF 15–44). On January 2, 2024, the Mortgage was assigned by an Assignment of Mortgage from Quanta to Plaintiff, which was recorded on January 11, 2024, in CRFN 2024000009873 in the Kings County Clerk’s Office. (Pl.’s Statement, Dkt. 23-2, ¶ 4; see Assignment, Dkt. 23-6.) The Note was also transferred from the original lender,

Quanta, to Plaintiff by an Allonge firmly affixed to the Note. (Pl.’s Statement, Dkt. 23-2, ¶ 5; see Note and Allonge, Dkt. 23-4.) B. The Contested Default It is undisputed that no payment has been made on the Mortgage since June 1, 2022, and that Defendant has thus defaulted. (See Pl.’s Statement, Dkt. 23-2, ¶ 6 (“[Defendant] defaulted under the contractual provisions of the Loan by failing to pay the June 1, 2022 payment, and the default continues to date.”).) Although the parties dispute whether Defendant received notice of the default, Defendant concedes that notice was not required by law as the loan is a commercial one.3 (Counterstatement, Dkt. 26, ¶ 8.) Defendant also does not dispute that it has not cured the default since June 2022, (see id. ¶¶ 6, 9), but argues that “the alleged default was caused by Plaintiff’s predecessor, Quanta,” (id. ¶ 6).

II. Procedural History On April 17, 2024, Plaintiff filed the Complaint. (Compl., Dkt. 1; see Pl.’s Statement, Dkt. 23-2, ¶ 10.) On the date the Complaint was filed, “Plaintiff was in physical possession and

3 Additionally, notice of default is not a requirement under the Mortgage. (Note and Allonge, Dkt. 23-4, at ECF 3 (“All parties to this Note, whether Maker, principal, surety, guarantor or endorser, hereby waive presentment for payment, demand, protest, notice of protest, notice of dishonor and all other notices in connection with this Note.”)); see also Wilmington Tr., Nat’l Ass’n v. Lott Ave. Owner, LLC, No. 22-CV-2437 (FB) (CLK), 2024 WL 1973363, at *3 (E.D.N.Y. May 3, 2024) (“[F]or a commercial loan, where ‘the mortgages and notes did not obligate the plaintiff to provide the defendant with any notice of default,’ the notice defense fails.” (quoting Emigrant Funding Corp. v. Agard, 995 N.Y.S.2d 154, 156 (2d Dep’t 2014)). was the owner and holder of the original Note and Mortgage.” (Id. ¶ 11.) On June 18, 2024, Defendant filed its Answer and nine affirmative defenses. (See Answer, Dkt. 9.) After pretrial motions practice and discovery, (see 7/25/2024 Min. Entry; 10/29/2024 Dkt. Order), Plaintiff requested a pre-motion conference ahead of its planned motion for summary judgment, (Dkt. 14).

The Court denied the request as unnecessary, (12/27/2024 Dkt. Order), and set a briefing schedule for Plaintiff’s Motion, (1/6/2025 Dkt. Order). Plaintiff served its Motion on February 14, 2025, (Dkt. 18); Defendant served its response on April 3, 2025, (Dkt. 20); and Plaintiff served its reply on June 6, 2025, (Resp., Dkt. 25), at which point the Motion was fully briefed. In Plaintiff’s Motion, Plaintiff also moves to strike Defendant’s affirmative defenses in Defendant’s Answer. (Mot. Mem., Dkt.

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1S REO OPPORTUNITY 1, LLC v. 223 HOWARD LLC, Counsel Stack Legal Research, https://law.counselstack.com/opinion/1s-reo-opportunity-1-llc-v-223-howard-llc-nyed-2026.