Joshua Zamir’s Capstone moves to foreclose on Vornado, Madison Capital’s “Gateway to Soho”

A month after buying the $75 million loan on Madison Capital and Vornado’s “Gateway to SoHo” office and retail building, Joshua Zamir’s Capstone Equities is moving to foreclose. Capstone on Monday filed a lawsuit claiming Richard Wagman’s Madison Capital and Vornado defaulted on their debt at 140 Crosby Street when they failed to pay off the loan at its maturity date in September 2024. It’s a particularly sticky situation for the borrowers. Wagman and Vornado Realty L.P., which is the operating arm of the company, signed a guarantee on the debt in 2019. Capstone said it “reserves the right to […]This article originally appeared on The Real Deal. Click here to read the full story.