Ashkenazy faces foreclosure over embattled Upper West Side building

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The bad blood between the prolific real estate investors began in 2020, when Ashkenazy filed a lawsuit against the Gindis, accusing them of starving him of cash and smearing his name in the real estate industry by accusing him of stealing from them. Members of the Gindi family are passive investors in seven of Ashkenazy’s properties. 

When Ashkenazy made capital calls for additional cash for the properties during the pandemic, the Gindis were supposed to give him $4.5 million, but they refused to give him any, he claimed in the lawsuit. 

Without the cash infusion, the viability and survival of the properties is uncertain, the 2020 complaint said. The Gindis’ holdout was just a ploy to get Ashkenazy to buy them out at a premium, Ashkenazy claimed in the suit.

The Gindis sued him back and accused him of owing them at least $21 million and threatening Raymond Gindi in a scathing text message, quoting Ashkenazy as saying he would “go nuclear if I need to because you destroyed my business.”

In March Ashkenazy sued the Gindis again claiming they owed him about $15.3 million on $10 million plus interest he lent them in 2015, according to a lawsuit filed in state Supreme Court in Brooklyn. 

The loan was to be paid back a year after it was issued, but the Gindis never gave him the money, he alleged in the suit. 

A representative for Ashkenazy did not return a request for comment. Raymond Gindi did not return a request for comment.



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