On August 17, 2021 a
Exhibit,Appendix
was filed
involving a dispute between
Hello Living Developer Nostrand Llc,
Hello Nostrand Llc,
and
1580 Nostrand Mezz Llc,
Madison Realty Capital Lp,
for Commercial - Business Entity
in the District Court of Rockland County.
Preview
FILED: ROCKLAND COUNTY CLERK 09/16/2022 05:19 PM INDEX NO. 034885/2021
NYSCEF DOC. NO. 132 RECEIVED NYSCEF: 09/16/2022
Paul H. Aloe Direct (212) 868-1888 paloe@kudmanlaw.com
September 15, 2022
VIA EMAIL ONLY
Alan J. Brody, Esq.
Greenberg Traurig LLP
500 Campus Drive, Suite 400
Florham Park, New Jersey 07932-0677
Email: BrodyA@gtlaw.com
Re: Hello Living Developer Nostrand LLC et al. v. 1580 Nostrand Mezz LLC et al.
Index No. 034885/2021
Dear Alan:
As you know, we represent Hello Living Developer Nostrand LLC. We have reviewed the
information contained in the data room that was made available to us by The Corbin
Group/Rosewood Realty on September 13, 2022. We have serious concerns regarding the accuracy
of the information contained in the “Summary of Path for 421A” document, which falsely leads
prospective bidders to believe that the undeveloped portion of the property located at 1580
Nostrand Avenue, Brooklyn, New York 11226, is ineligible for a 421a tax abatement as of right.
As you are no doubt aware, eligibility for a 421a tax abatement is a significant component
in determining the value of commercial real estate and development projects in New York City. In
order to conduct a commercially reasonable sale of the collateral at issue here, prospective bidders
must receive accurate, non-misleading information concerning the property’s 421-a tax abatement
eligibility status. The “Summary of Path for 421A” document would lead one to believe that the
June 15, 2022, deadline to commence work on the undeveloped portion of the property, 1580
Nostrand Ave, Brooklyn, NY Block 5131, lot 106 (“Lot 106”) was not met. However, work was
commenced on Lot 106, prior to the June 15, 2022, deadline for 421-a tax abatement eligibility.
Enclosed please find documents evidencing that commencement of work before the required date.
The “Summary of Path for 421A” document is therefore false and misleading, suggests a much
lower value for the underlying property, and would unreasonably suppress bidding.
We hereby demand (1) that the “Summary of Path for 421A” document be withdrawn from
the data room and replaced with correct and accurate information concerning the property’s 421a
tax abatement eligibility and (2) that Nostrand Mezz Lender LLC adjourn the UCC sale currently
scheduled to take place on September 21, 2022, at 2:00 p.m., for at least thirty (30) days to allow
sufficient time for this material information to be published to the market at large and disseminated
to prospective bidders who have previously inquired with The Corbin Group/Rosewood Realty.
800 Third Avenue · 11th Floor · New York, NY 10022
Tel: (212) 868-1010 · Fax: (212) 868-0013 · www.kudmanlaw.com
FILED: ROCKLAND COUNTY CLERK 09/16/2022 05:19 PM INDEX NO. 034885/2021
NYSCEF DOC. NO. 132 RECEIVED NYSCEF: 09/16/2022
KUDMAN TRACHTEN ALOE POSNER LLP
Alan J. Brody, Esq.
September 15, 2022
Page 2
We reserve all of Hello Living Developer Nostrand LLC’s available rights and remedies.
Very truly yours,
Paul H. Aloe
cc: Victor A. Worms, Esq. (via email only)
Cory M. Gray, Esq. (via email only)
Document Filed Date
September 16, 2022
Case Filing Date
August 17, 2021
Category
Commercial - Business Entity
For full print and download access, please subscribe at https://www.trellis.law/.
Preview
FILED: ROCKLAND COUNTY CLERK 09/16/2022 05:19 PM INDEX NO. 034885/2021 NYSCEF DOC. NO. 132 RECEIVED NYSCEF: 09/16/2022 Paul H. Aloe Direct (212) 868-1888 paloe@kudmanlaw.com September 15, 2022 VIA EMAIL ONLY Alan J. Brody, Esq. Greenberg Traurig LLP 500 Campus Drive, Suite 400 Florham Park, New Jersey 07932-0677 Email: BrodyA@gtlaw.com Re: Hello Living Developer Nostrand LLC et al. v. 1580 Nostrand Mezz LLC et al. Index No. 034885/2021 Dear Alan: As you know, we represent Hello Living Developer Nostrand LLC. We have reviewed the information contained in the data room that was made available to us by The Corbin Group/Rosewood Realty on September 13, 2022. We have serious concerns regarding the accuracy of the information contained in the “Summary of Path for 421A” document, which falsely leads prospective bidders to believe that the undeveloped portion of the property located at 1580 Nostrand Avenue, Brooklyn, New York 11226, is ineligible for a 421a tax abatement as of right. As you are no doubt aware, eligibility for a 421a tax abatement is a significant component in determining the value of commercial real estate and development projects in New York City. In order to conduct a commercially reasonable sale of the collateral at issue here, prospective bidders must receive accurate, non-misleading information concerning the property’s 421-a tax abatement eligibility status. The “Summary of Path for 421A” document would lead one to believe that the June 15, 2022, deadline to commence work on the undeveloped portion of the property, 1580 Nostrand Ave, Brooklyn, NY Block 5131, lot 106 (“Lot 106”) was not met. However, work was commenced on Lot 106, prior to the June 15, 2022, deadline for 421-a tax abatement eligibility. Enclosed please find documents evidencing that commencement of work before the required date. The “Summary of Path for 421A” document is therefore false and misleading, suggests a much lower value for the underlying property, and would unreasonably suppress bidding. We hereby demand (1) that the “Summary of Path for 421A” document be withdrawn from the data room and replaced with correct and accurate information concerning the property’s 421a tax abatement eligibility and (2) that Nostrand Mezz Lender LLC adjourn the UCC sale currently scheduled to take place on September 21, 2022, at 2:00 p.m., for at least thirty (30) days to allow sufficient time for this material information to be published to the market at large and disseminated to prospective bidders who have previously inquired with The Corbin Group/Rosewood Realty. 800 Third Avenue · 11th Floor · New York, NY 10022 Tel: (212) 868-1010 · Fax: (212) 868-0013 · www.kudmanlaw.com FILED: ROCKLAND COUNTY CLERK 09/16/2022 05:19 PM INDEX NO. 034885/2021 NYSCEF DOC. NO. 132 RECEIVED NYSCEF: 09/16/2022 KUDMAN TRACHTEN ALOE POSNER LLP Alan J. Brody, Esq. September 15, 2022 Page 2 We reserve all of Hello Living Developer Nostrand LLC’s available rights and remedies. Very truly yours, Paul H. Aloe cc: Victor A. Worms, Esq. (via email only) Cory M. Gray, Esq. (via email only)