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Isaac Hager faces foreclosure at Brooklyn hotel

Cornell Realty Management is facing foreclosure at 85 Flatbush Avenue Extension. Isaac Hager’s firm is in default on a $6 million mezz loan provided by Eli Tabak’s Bluestone Group at the time of the acquisition last year. The mixed-use property spans 177,966 SF, and contains a 174-key boutique hotel on the first six floors, plus 64 residential units from floors seven through 12. 

  • Dig Deeper: Tabak notified Hager in August that a UCC foreclosure auction is scheduled for October for the mezz interest, according to The Real Deal. Bluestone Group also filed to foreclose on a mezz loan on another Hager property: a 130,00-square-foot development site adjacent to the Williamsburg Bridge at 149 Broadway.
  • Flashback: Cornell Realty + Rubin Equities paid $95 million for the Downtown Brooklyn asset in September 2019. Madison Realty Capital provided a $70 million senior loan at the time. [TRD+PR]

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