Brooklyn developers Joseph Brunner and Abe Mandel are caught in a foreclosure lawsuit involving close to $20 million in mortgages for a Bushwick building.
The lender, Benefit Street Partners Realty, charged in a suit filed in New York State Supreme Court that the developers, operating as 121 Morgan Holdings and Morgan BMB, defaulted on three mortgages totaling $19.75 million. The developers also allegedly failed to meet multiple deadlines to complete improvements to the former manufacturing facility at 121 Morgan Avenue.
“This is a mortgage foreclosure action brought by a lender that has bent over backwards — time and again — to accommodate a defaulting borrower that has opted to look a gift horse in the mouth,” court documents read.
Brunner and Mandel are known together as Bruman Realty,