Queens building owes $3.9M on a loan consolidated at $2M

U.S. Bank Trust National Association, as trustee of the LB Igloo Series IV Trust, will auction the mixed-use building at 652 Grandview Avenue in Queens on Nov 6 at 10 a.m., to collect a $3,941,670.78 foreclosure judgment. The notice of sale, a Newsday legal notice published Oct 7 for Queens Supreme Court Index No. 701759/2023, lists the property as Flushing, but the ZIP code is 11385 and the lot (block 3485, lot 31) sits in Ridgewood.

Why it matters

The debt has roughly doubled. A 2019 agreement recorded with the city consolidated the borrower’s mortgages at $2,006,000, and the judgment is 1.96 times that figure. For a lender buying distressed paper, that gap is what interest, fees and years of delay add up to on a small asset.

The building is a 1931 two-story property with 4,900 sq ft, three units and a zoning designation of R6B, per city lot data. Its owner of record is 652 Grandview Ave, LLC. The city’s Landmarks Preservation Commission also recorded a document against the lot in 2020, which a buyer should check before planning any alteration. More New York distress is in our New York coverage, including the 70 Broad Street credit-bid sale.

The numbers

The LLC took title in November 2016 for $1,134,305.25, with a $1,032,000 mortgage from a Sharestates Investments series entity. In July 2018 it took $438,000 more from Community Federal Savings Bank, and in November 2019 the mortgages were consolidated into the $2,006,000 agreement, recorded Nov 27, 2019 with Sharestates Investments as lender.

The note then moved twice. Sharestates assigned it to HOF Grantor Trust 1 in 2021, and that trust assigned it to U.S. Bank Trust National Association as trustee of the LB Igloo Series IV Trust, recorded May 25, 2022. The judgment of foreclosure and sale was entered Aug 27, 2025, and the auction comes 436 days later.

What’s next

The referee, Alan Cary Kestenbaum, will sell the property at the Queens County Supreme Courthouse, 88-11 Sutphin Boulevard in Jamaica, Courtroom 25. Sales can be adjourned or canceled before the date, so confirm the status on the court docket, which we could not query directly. We did not independently verify the amount the trust is owed beyond the judgment figure in the notice, nor the current occupancy or condition of the building.