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A high-end Upper West Side building once at the center of an illegal Airbnb case is now the subject of a foreclosure filing.
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Long Island-based lender FourLeaf Federal Credit Union has sued landlord Shulamit Prager of Opal Holdings in New York County Supreme Court, claiming they defaulted on a $16.9 million loan tied to 207 West 75th Street, Crain’s New York Business first reported. The limited liability company that owns the property, 207 W 75 LLC, allegedly stopped making principal, interest, and escrow payments on May 1. The lender says it’s owed about $16.1 million, with interest accumulating at an annual rate of 18 percent, and is seeking to take possession of the building.
Apartments at the seven-story, six-unit condo—purchased by Opal Holdings in 2015 for roughly $13.3 million—sold for between $3 million and $10 million between 2018 and 2021, according to Streeteasy. More recently, the units have been on the rental market for prices ranging from $14,700 and $17,500 per month.
This isn’t the first time the address has made headlines. Last year, the city and state accused Mega Home and its president, Katherine Cartagena — an authorized agent for 207 W 75 LLC — of running illegal short-term rentals there and at a separate building on East 51st Street. The case was resolved with an $845,000 settlement as part of the city’s broader effort to rein in unlawful Airbnbs.
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Opal Holdings has been involved in other high-profile real estate ventures in the city, including a stalled residential project in the East Village at 644 East 14th Street. That development drew controversy after neighboring property owners claimed construction caused more than $1 million in damages. Opal sold the East 14th Street site in 2020 after reportedly falling behind on its loan payments.
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How is such a CHEAP looking building so expensive? Every time I walk by, it looks reminiscent of a newer track-built fast food restaurant made of crappy concrete panels, just extended vertically. One of the worst newish builds around here.
J X B,
Right.
Never occurred to me that the apartments were selling for at least a few million dollars.