Case filing & court posture: Broadway Realty I Co., LLC filed Chapter 11 on May 21, 2025 in the U.S. Bankruptcy Court, S.D.N.Y. (Case No. 25-11050). Dkt. 10 The case was designated as jointly administered with 81 affiliated debtors, comprising a portfolio of 93 multifamily properties across NYC with ~5,200 units and 95% average occupancy. Judge Shirrelle Joyner presides.
Liquidity & financing path: The debtors filed after rising interest rates increased projected debt service to $45 million annually (from $26M in 2023), while facing foreclosure pressure from Flagstar Bank ($564M first-lien mortgage debt at rates to 10.25%). Dkt. 7 The debtors operated under cash collateral consent orders; multiple interim and final cash collateral orders extended through 2025-2026 to fund ongoing operations pending sale execution.
Restructuring outcome: Following a marketing process, the portfolio was sold to Summit Gold, Inc. for $451.3 million with commitments to capital expenditure and violation remediation. The Second Amended Joint Chapter 11 Plan was confirmed via cramdown on January 16, 2026. Dkt. 981
Plan effective date & post-confirmation: The plan became effective upon confirmation on January 16, 2026. The debtors transitioned to post-confirmation operations with monthly operating reports filed through at least November 2025, managing the wind-down and asset disposition under plan terms.
