Indicted attorney Mark Nussbaum – who is in the eye of a legal storm – has provided a list of his debtors and creditors as part of an Assignment for the Benefit of Creditors (ABC) to repay an estimated $400 million to rejected creditors.
The largest alleged debtor is the late real estate investor Mendel Steiner, who, according to Nussbaum, owes more than $306 million. Other notable debtors include Boruch Drillman ($4.7 million), Eli Puretz ($4.1 million) and Shaya Prager ($1.1 million).
Nussbaum’s assets consist mainly of his accounts receivable, real estate interests, $2 million in cryptocurrency and $91,000 worth of wine/alcohol, which someone in his situation might understandably need these days.
In another case, Mendel Deutsch of Toms River, New Jersey, pleaded guilty to one count of bank and wire fraud and one count of wire fraud for his role in a brazen commercial mortgage fraud in Brooklyn.
Deutsch pleaded guilty last month, a few weeks after one of his co-conspirators, Joshua Feldberger of title insurer Universal Abstract, pleaded guilty to one count of bank fraud conspiracy.
Deutsche faces a maximum sentence of up to 50 years and a maximum fine of $1.25 million, although he is likely to be sentenced to a lesser sentence.
In politics, newly elected mayor Zohran Mamdani met with real estate developers, lenders and investors to discuss the housing crisis, reassuring them that he is open to their feedback and cooperation after big names in the sector fought against his campaign.
Mamdani acknowledged the “very important” role the private market plays in housing construction, but still reaffirmed his commitment to freezing rents for stabilized tenants and support for an overhaul of the city’s property tax system.
Other key items on the agenda included the importance of reducing the time it takes to rent affordable housing and the need to fund renovations for rent-stabilized apartments kept off the market.
In commercial real estate news, David Werner buys another property at a bargain price.
The investor has signed a contract to purchase the 50-story One Dag Hammarskjöld Plaza tower for $270 million, a deal expected to close early next year. That’s about half the $566 million price tag seller Rockpoint Group paid for the Midtown East office tower in 2019
Werner’s Christmas list is full of heavily discounted office buildings purchased in recent years.
That includes the Hudson Yards-area office building at 440 Ninth Avenue that he bought in August for $105 million (sellers Taconic Investment Partners and Nuveen Real Estate paid $269 million in 2018), the building at 205 East 42nd Street that he and 601W Companies bought last month for about $300 per square foot and the tower at 675 Third Avenue that he and Metro Loft Management bought in April for $100 million.
And eventually Jeff Sutton decided to sell ‘the one with’ the famous facade.
His Wharton Properties sold the six-story West Village apartment building at 90 Bedford Street — famously used as an exterior for the TV show “Friends” — to an international investor for $32.7 million in an off-market deal.
Sutton purchased the building in February 2024 for $18.25 million and extensively renovated most of the 21 fully rented apartments.
The building, which has been a place of pilgrimage for fans and tourists since 1997, houses the Steenuil restaurant on the ground floor.
Read more
Mark Nussbaum names names in new documents
Toms River man pleads guilty to mortgage fraud
At a closed-door meeting, Mamdani reassures developers and investors: his door “will remain open”
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