A New Rochelle real estate business that owns prime waterfront property has filed for bankruptcy protection.
94 Hudson Park Rd LLC declared $3 million in assets and $9.2 million in liabilities, in a Chapter 11 reorganization petition filed on Oct. 3 in U.S. Bankruptcy Court, White Plains.
The single asset real estate company owns a parcel on Ferris Creek next to the entrance of Hudson Park & Beach. The site includes a building that housed the former Dudley’s Parkview Restaurant and Bar, an 80-slip marina and a bait shop.
Nadine Southwell, 94 Hudson Park’s owner, bought the parcel in 2019 from Polychron Corp. for $3.7 million. In 2020, Polychron, which holds the mortgage, sued 94 Hudson Park Rd and Southwell, as guarantor, for foreclosure.
This past January, a Westchester Supreme Court judge issued summary judgment for Polychron. A court-appointed referee has calculated that the property is worth $5.3 million.
Southwell and 94 Hudson Park Rd have appealed the summary judgement.
The Polychron debt is listed on the bankruptcy petition at $5.2 million and is characterized as disputed.
Eight individuals and a business are owed $2.2 million for loans, according to the petition. The U.S. Small Business Administration is owed $250,000, and $800,000 in New Rochelle taxes are disputed.
The property is the only asset and is now valued at $3 million, according to the bankruptcy petition filed by chief reorganization officer Rudolph U. Southwell.
Harrison bankruptcy attorney H. Bruce Bronson represents 94 Hudson Park Rd LLC.
