Wells Fargo Bank National Association v. 366 Realty LLC

CourtDistrict Court, E.D. New York
DecidedFebruary 20, 2025
Docket1:17-cv-03570
StatusUnknown

This text of Wells Fargo Bank National Association v. 366 Realty LLC (Wells Fargo Bank National Association v. 366 Realty 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
Wells Fargo Bank National Association v. 366 Realty LLC, (E.D.N.Y. 2025).

Opinion

United States District Court Eastern District of New York

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Wells Fargo Bank National Association, Memorandum and Order Plaintiff, No. 17-cv-03570 (KAM) (JAM) - against -

366 Realty LLC et al,

Defendants.

Kiyo A. Matsumoto, United States District Judge:

On June 13, 2017, Wells Fargo Bank National Association, as Trustee for the Holders of COMM 2014-UBS6 Mortgage Trust Commercial Pass-Through Certificates, by and through its special servicer, LNR Partners, LLC (“Plaintiff”) brought this foreclosure action against Defendants 366 Realty LLC (“366 Realty”), Joshua Mizrahi, the Criminal Court of the City of New York (the “Criminal Court”), the NYC Environmental Control Board (“ECB”), and several other defendants allegedly possessing or claiming an interest in or lien upon the real property located at 366 Knickerbocker Avenue, Brooklyn, New York 11237 (the “Property”). (ECF No. 1.) On March 16, 2021, Judge Sterling Johnson, Jr. granted Plaintiff’s motion for summary judgment only against 366 Realty, finding Plaintiff was entitled to foreclosure. (ECF No. 58.) Following summary judgment, Judge Johnson directed the parties to stipulate to the amount owed or otherwise submit briefing regarding calculation of damages, fees, and costs. (May 26, 2021 Order.) On October 13, 2022, this case was reassigned from Judge Johnson to the Undersigned.

On March 22, 2023, Plaintiff notified the Court that it intended to propose a briefing schedule for its anticipated Motion to Fix Indebtedness. (ECF No. 69.) The letter further stated Plaintiff’s intentions to file an Amended Complaint to address, inter alia, adding two new judgment creditors, removing certain defendants, and addressing Mr. Mizrahi’s guarantor status and his liability for sums due under the loan. (Id.)1 At a March 28, 2023 telephonic status conference, then- Magistrate Judge Ramon E. Reyes, Jr. ordered that Plaintiff serve Defendants and file the Amended Complaint. (March 28, 2023 Order.) On April 19, 2023, Plaintiff filed the Amended Complaint. (ECF No.

70, Amended Complaint (“AC”).) The Amended Complaint removed certain defendants and added

1 Regarding the proposed amendments concerning Mr. Mizrahi’s guaranty of the loan, the letter states, in relevant part, that: “Defendant Joshua Mizrahi executed a Guarantee of the Loan which is the subject of this action. By virtue of his actions, Mr. Mizrahi has liability for sums due under the Loan. In paragraphs 64 and 66, and the WHEREFORE clause on page 15, the proposed Amended Complaint preserves the ability of the Plaintiff to pursue Mr. Mizrahi for a deficiency judgment after the foreclosure sale.” (ECF No. 69 at 2.) the New York City Department of Finance (“DOF”) and Kassin Sabbagh Realty LLC (“Kassin”) following Plaintiff’s discovery that the two entities had obtained liens to the Property after the instant action had commenced. (See id.) Although the Original Complaint named Mr. Mizrahi as a defendant “based upon his status as guarantor of the loan having or claiming an interest in or lien

upon” the Property, (ECF No. 1 ¶ 3), the Amended Complaint added additional paragraphs addressing Mr. Mizrahi’s personal liability as a Guarantor, (AC ¶ 53). The Amended Complaint alleged, inter alia, that “the Guarantor is made a defendant herein because he has personal liability under the Guaranty, is liable for sums due under the Loan Documents in accordance with the Guaranty, and should assert whatever defenses or arguments he has as they relate to his liability under the Guaranty.” (Id.)2 On July 21, 2023, Plaintiff filed a Motion to Fix Indebtedness to determine the amount of indebtedness that Plaintiff is owed. (ECF No. 87.)

2 The Amended Complaint further added paragraph 55, which reads, in relevant part: “Pursuant to N.Y. Real Prop. Acts. Law §1371, Plaintiff will move the Court to enter final judgment against Borrower and Guarantor for any residue of the debt under the Note remaining unsatisfied after the foreclosure sale of the Property is completed.” (AC ¶ 55 (emphasis added).) The Amended Complaint further amended its request for relief to request that the Court enter a judgment that finds “Plaintiff has preserved its right to pursue any deficiency...after application of the proceeds of the foreclosure sale pursuant to N.Y. Real Prop. Acts. Law §1371 and may move the Court to enter final judgment against Borrower and/or Guarantor for such deficiency[.]” (Id. at 12 (emphasis added).) On July 31, 2023, Plaintiff requested that the Clerk enter a Certificate of Default for Defendants Mr. Mizrahi, the Criminal Court, ECB, DOF, and Kassin pursuant to Federal Rule of Civil Procedure 55(a) for failure to respond or otherwise defend regarding the Amended Complaint. (ECF No. 91.) On September 11, 2023, this Court referred Plaintiff’s Motion

to Fix Indebtedness to Judge Reyes. On November 16, 2023, the case was reassigned to Magistrate Judge Joseph A. Marutollo. On December 7, 2023, the Clerk of Court entered default pursuant to Federal Rule of Civil Procedure 55(a) as to Mr. Mizrahi, ECB, DOF, the Criminal Court, and Kassin. (ECF No. 93.) On January 15, 2024, Judge Marutollo issued a Report and Recommendation on the Motion to Fix Indebtedness recommending, inter alia, that Plaintiff be awarded $3,603,179.68 plus interest accruing at a daily rate of $622.58 from July 31, 2023, through the entry of Judgement of Foreclosure. (ECF No. 95 at 20.) Defendants were served with the January 15, 2024 Report and

Recommendation on Plaintiff’s Motion to Fix Indebtedness on January 16, 2024. (ECF No. 96.) 366 Realty and Mr. Mizrahi filed objections, and Plaintiff responded to the objections. (ECF Nos. 99-100.) On January 29, 2024, Plaintiff filed a Motion for Order of Sale, which included a proposed Judgment of Foreclosure and Sale. (ECF No. 97.) In relevant part, Plaintiff requested that the judgment include Mr. Mizrahi, the Criminal Court, ECB, DOF, and Kassin——the Defendants who were in default——such that they were “each barred and foreclosed from all right, claim, lien, title, interest and equity of redemption in the” Property. (Id. at 2.) The proposed Judgment further included language that Mr. Mizrahi “is liable for any losses of Plaintiff incurred as a result of the

Guaranteed Obligations[.]” (Id. at 6.) On March 26, 2024, this Court adopted Judge Marutollo’s Report and Recommendation regarding Plaintiff’s Motion to Fix Indebtedness but reserved ruling on Plaintiff’s proposed Judgment of Foreclosure and Sale until Plaintiff secured entries of default judgment against Mr. Mizrahi, the Criminal Court, ECB, DOF, and Kassin (collectively, the “Defaulting Defendants”) pursuant to Federal Rule of Civil Procedure 55(b)(2). (ECF No. 101.) Accordingly, this Court terminated Plaintiff’s Motion for Order of Sale, (ECF No. 97), and directed Plaintiff to refile the motion with its anticipated motion for default judgment against the

Defaulting Defendants, (April 2, 2024 Order). On April 12, 2024, Plaintiff filed its Motion for Default Judgment and a Proposed Judgment of Foreclosure and Sale, including, in relevant part, proposed provisions reserving Plaintiff’s rights to proceed against Mr. Mizrahi as the guarantor if proceeds of the mortgaged property’s sale were insufficient to satisfy the amounts owed to Plaintiff. (ECF Nos. 103 and 103-7.) On September 24, 2024, this Court referred Plaintiff’s Motion for Default Judgment to Judge Marutollo.

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Wells Fargo Bank National Association v. 366 Realty LLC, Counsel Stack Legal Research, https://law.counselstack.com/opinion/wells-fargo-bank-national-association-v-366-realty-llc-nyed-2025.