Golden Bridge LLC v. 150-30 Ave Realty LLC
1:23-cv-09045
E.D.N.YMay 30, 2025Background
- Golden Bridge LLC loaned $2,400,000 to 150-30 12 Ave Realty LLC, secured by a mortgage and backed by a guaranty from Andy Weihan Ho.
- The parties subsequently modified and extended the loan maturity date twice, most recently to October 2, 2023.
- Borrower (150-30 12 Ave Realty LLC) defaulted on payment and did not cure the default, leading Golden Bridge to initiate a foreclosure action in federal court.
- Defendants asserted they were not provided notice of default and raised several affirmative defenses and a counterclaim for unjust enrichment.
- Plaintiff moved for summary judgment, requesting dismissal of affirmative defenses and counterclaim, amendment of the case caption, and appointment of a referee; the Court confirmed diversity jurisdiction was proper.
Issues
| Issue | Plaintiff's Argument | Defendant's Argument | Held |
|---|---|---|---|
| Jurisdiction (diversity) | Parties are completely diverse and amount exceeds $75,000 | Plaintiff failed to fully allege citizenship; residence is not sufficient | Court found diversity established via additional filings |
| Foreclosure—entitlement to judgment | Produced loan docs, established default | Claimed lack of default notice | Default admitted; summary judgment for foreclosure |
| Notice of default | Notice not required under NY law or contract | Notice was required before foreclosure | No notice required for commercial property |
| Affirmative defenses | Defenses are conclusory or unsupported | No arguments or factual support | Defenses waived/abandoned and dismissed |
| Judgment against guarantor | Ho guaranteed payment, failed to perform | No triable issue of fact | Judgment entered against Ho as Guarantor |
| Unjust enrichment (counterclaim) | Enforceable contract precludes quasi-contract | No factual allegations provided | Counterclaim dismissed |
Key Cases Cited
- Carter v. HealthPort Techs., LLC, 822 F.3d 47 (2d Cir. 2016) (LLC citizenship based on members for diversity)
- Gustavia Home, LLC v. Rutty, 785 F. App’x 11 (2d Cir. 2019) (summary judgment in foreclosure upon production of note, mortgage, and proof of default)
- Cooperatieve Centrale Raiffeisen-Boerenleenbank, B.A. v. Navarro, 25 N.Y.3d 485 (N.Y. 2015) (guaranty enforcement subject to ordinary contract principles and can preclude many defenses)