M&T Bank files foreclosure action on suburban retail plaza

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M&T Bank has initiated foreclosure proceedings on a retail plaza on East Ridge Road in Irondequoit, alleging a Rockland County entity has defaulted on mortgage obligations.

The lender claims that since July 1, the borrowers — 1850 E Ridge Road Holdings LLC and Yitzchok Rottenberg, both headquartered in the Rockland County hamlet of Monsey — have failed to make scheduled monthly installment payments of just shy of $25,000, haven’t paid property taxes and also have failed to provide proof of insurance.

The mortgage is secured by properties at 1826 and 1850 East Ridge Rd.

The foreclosure papers were filed in state Supreme Court in Monroe County on Friday. The bank says there is a balance due of $3.517 million on the original $3.571 million mortgage from 2023.

M&T Bank sent a forbearance proposal to the borrowers in January, but Rottenberg “refused and failed to sign” the term sheet, the complaint alleges.

Stearns Bank National Association of St. Cloud, Minnesota, is named as co-defendant. Rottenberg and the LLC took out a $1.95 junior mortgage on 1850 East Ridge Rd. through Stearns Bank in 2024 “without M&T’s prior knowledge or written consent.”

M&T’s complaint contends it has priority over Stearns Bank in any foreclosure sale or distribution of assets.

The properties are home to Planet Fitness, West Marine, Cititrends, Ridgeview Internal Medicine Group and Ontario Mall Antiques.

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