Isaac and Eli Chetrit Near Refinance for SoHo property

Isaac and Eli Chetrit are nearing an escape from Maverick’s clutches.

The brothers who run AB & Sons refinanced 447 Broadway in Soho, according to a person familiar with the situation. The group secured a $14 million loan from a private lending group that would end a foreclosure from the distressed lender Maverick Real Estate Partners, the source said.

The loan has not yet been recorded in property records.

The Chetrits secured a loan from Signature Bank in 2017. After the bank was put into receivership in 2023, Maverick purchased the loan in 2024. Maverick soon launched a foreclosure, alleging the brothers defaulted. The lender charged a 24 percent default rate.

Abraham Chetrit, who is Eli Chetrit’s son, responded in court filings that the property was in good condition and had been owned by the property for 20 years. (Eli and Isaac Chetrit are cousins of the better known Joseph and Meyer Chetrit, but run a separate firm).

There was no wrongdoing and the family was up to date on loan payments until Signature Bank was taken over by regulators, according to Abraham Chetrit.

“The Signature Bank collapse prevented the borrower from obtaining an extension of the mortgage,” said Abraham Chetrit in the filing.

Maverick sought to appoint a receiver for the property, but Chetrit’s lawyer Kevin Nash pushed back at a hearing last year.

“You can bang your chest and say we’re entitled to a receiver, and they do it all the time, but it doesn’t make sense here,” said Nash.

New York Supreme Court Judge Andrea Masley agreed with Nash’s argument, but ultimately signed an order appointing a receiver for the building.

“Nash has a point, though. I mean, you [Maverick] do this all the time, so — and a receiver is expensive. It will kill the reputation of the building. He’s right,” said Judge Masley.

Maverick sought a judge’s ruling on the foreclosure. This year, Chetrit claimed it found a new investor interested in the property allowing the family firm to refinance its loan and pay off Maverick. The Chetrits sought a settlement conference claiming the investor had a looming 1031 tax exchange deadline.

Chetrit could not immediately be reached for comment. Maverick declined to comment.

Maverick, led by David Aviriam and Ted Martell, is among the most active buyers of distressed loans in New York City. The lender has developed a reputation for its sharp-elbows tactics of buying loans, seeking to foreclose and charging up to 24 percent interest. Last year, Maverick bought $247 million in Signature Bank loans that a Blackstone venture acquired in 2023.