Filing Alert: Mariners Gate LLC Chapter 11

Mariners Gate LLC, a New York, NY-based owner of the commercial loft building located at 548 West 28th Street in the High Line district, filed for Chapter 11 protection on Dec. 16 in the U.S. Bankruptcy Court for the Southern District of New York.

The filing was precipitated by a scheduled Dec. 17 foreclosure sale by senior mortgagee JPMorgan Chase Bank, which holds a judgment of approximately $41 million. The debtor aims to pursue a sale of the property through a liquidating plan and has received a term sheet from a prospective stalking horse buyer for $53 million, in a deal that would also include an adjoining property owned by a non-debtor affiliate.

Mariners Gate LLC reports $54.3 million in assets and $46.5 million in liabilities. The filing indicates that there will be funds available for distribution to unsecured creditors. The case number is 25-12819.

Top Unsecured Claims

Key Parties

Counsel:

• Kevin Nash
  Goldberg Weprin Finkel Goldstein LLP
  Email: knash@gwfglaw.com

Signatories:

• James Y.A. Pastreich – President and Director

Equity Security Holders:

• West 125th Street Associates, LLC – 100% Equity Interest

Bondoro Insights is continuing to monitor this case and will provide further coverage as appropriate.

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