The building where Brandon Chasen once based his real estate empire is condemned, and facing possible foreclosure, as more properties affiliated with the Baltimore developer head to the auction block.
A lender’s attorney filed a foreclosure suit last Thursday against the Chasen Cos. headquarters building at 1511 Eastern Ave. in Baltimore’s Fells Point neighborhood, noting that the development firm owes over $1.5 million on a loan for the property. A bright red condemnation notice and an orange “Stop Work” order also remained posted in the building’s front door as of Monday. Last month in his personal bankruptcy case, Chasen listed the headquarters building as his primary address.
Chasen’s attorney, Adam Freiman, did not return a request for comment on Monday. The stop-work order follows violations dating back to May issued by Baltimore housing officials for renovations being performed without a permit.
The troubles at the firm’s headquarters come amid the collapse of Chasen’s real estate business, which became clear as lawsuits and unpaid debts piled up last year. With both Chasen and his construction firm embroiled in testy bankruptcy cases, several other properties from his real estate empire have wound up on the auction block.
Two more Chasen Cos. properties in Baltimore — an 18-unit building at 1517 Eastern Ave. dubbed “The Monica,” and a mixed-use building on South Broadway — are heading to auction next month. Both are scheduled for auction Nov. 13 at Baltimore City Circuit Court, and require initial deposits of $500,000.
Chasen is expected to be in town during those auctions, although he’s slated to appear at a different courthouse. He is scheduled to appear at U.S. District Court in Baltimore that morning for a creditors’ meeting. Chasen’s construction firm is also set for another such meeting, on Dec. 16.
At previous meetings, creditors have grilled Chasen on his lavish spending and the status of his properties amid his company’s financial turmoil. The trustees in the bankruptcy cases are now seeking financial records from Chasen Cos.’ payroll processor and a title company they said had received “large sums of money” from the construction firm in recent years.
Lenders say Chasen Cos. is millions of dollars behind on loan payments related to various construction projects throughout the city. Creditors filed earlier this year to push Chasen Construction and Chasen himself into bankruptcy. The financial downfall also included foreclosures on several Chasen properties slated for renovations, including One Calvert Plaza, one of the oldest office buildings in Baltimore.
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