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Greenpoint Savings Bank Building of Jack Terzi Approaches Foreclosure Due to Failed Loan Payments in Manhattan

Jack Terzi, owner of Greenpoint Savings Building (Photo: The Real Deal)

State Savings Bank Building (Photo: Wikipedia)

Another building owned by Jack Terzi is about to go into foreclosure.

After the developer and retail broker neglected to make loan payments, the judge ordered a referee to prepare the sale of the historic bank building at 807 Manhattan Avenue.

In 2018, the business Jack Terzi paid roughly $10 million for the neoclassical Greenpoint Savings Bank and obtained a $7.2 million loan from the Nassau Educators Federal Credit Union.

The edifice, which was constructed around the turn of the 20th century, was notable for its dome and columns. It connected to Te Annex, a Slate Property Group structure that Slate had turned into apartments.

When Capital One, the sole tenant of Jack Terzi, left in 2020, problems arose. The bank said Terzi spent $200,000 on heating during the winter of 2018–2019 because Jack Terzi failed to uphold its responsibilities.

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In response, a Terzi associate filed a lawsuit in 2021, claiming that Capital One neglected to disclose the heat problems to Jack Terzi before he purchased the building and that they go back to the prior landlord.

Jack Terzi claimed that Capital One broke its agreement when the bank ceased paying rent.

The case is still pending.

A judge authorized 807 Manhattan Note Holder to foreclose on the bank building earlier this month.

Lawyers for Jack Terzi filed an appeal, claiming the lender had relied on hearsay.

Despite claims that Jack Terzi had been in default on a CMBS loan since April 2020, a judge blocked a foreclosure attempt on Terzi’s Soho retail space at 63 Spring Street.

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A request for comment from Jack Terzi went unanswered. An 807 Manhattan Note Holder’s lawyer declined to comment.

READ ALSO: Biden Administration To Propose Cancellation In Student Loan Payments

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