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planned 949-unit self-storage facility in Yonkers is facing foreclosure due to high construction costs and interest rates. Parkview Financial initiated a non-judicial foreclosure on the site at 1060 Nepperhan Avenue after the loan matured several months ago. The lender claims the borrower, the Lewin family, failed to bring in an additional equity partner as previously discussed.

    "We gave them opportunities to figure out solutions," said Paul Rahimian of Parkview Financial. Kirk Lewin, representing the Lewin family, stated that they will take necessary measures to proceed with the project despite the foreclosure threat. The auction is scheduled for January 16, with Matthew Mannion as the auctioneer and Brock Cannon brokering the sale.

    The Lewin family has owned the property for over three decades and initially sought to invest $15 million in the self-storage facility operated by CubeSmart. However, higher interest rates likely altered financial projections for the project. In June, Yonkers Mayor Mike Spano proposed an eight-month moratorium on new self-storage projects due to concerns about reduced tax revenue.

    Parkview Financial has been involved in high-profile disputes with developers in New York City and New Jersey over foreclosures or defaults. The lender is also embroiled in a lawsuit with Acier Holdings, the developer of Newark's The Halo high-rise rental towers, who alleges Parkview failed to fund the loan.