M
averick Real Estate Partners acquired four Steve Croman buildings in a foreclosure auction last week, but the dispute is far from over. The properties at 208-214 East 25th Street in Kips Bay were sold after a court-appointed referee determined Croman owed $35 million following a default on a $23 million loan. Maverick's credit bid was uncontested, and the buildings remain in receivership while Croman appeals the ruling.

    Croman has been at odds with Maverick since 2021, when he defaulted twice on the debt collateralized by the properties. Maverick bought the note and sued to foreclose, a move Croman called "bullying." A judge ruled in July that Maverick could proceed with foreclosure, and Croman's appeal remains ongoing.

    Croman has faced financial struggles since the 2019 rent law overhaul and the pandemic, which have made it difficult for him to keep his properties above water. He has been criticized for pushing tenants out of rent-stabilized housing to raise rents in the past. Maverick recently bought a $7 million loan on a Lincoln Square townhouse, linked to a company run by Sandra Piedrabuena, wife of hedge funder Russell Abrams.