N.Y. Supreme · Index 652237/2025
IBI Volcano / West 4 v. Crew
N.Y. Supreme, Index 652237/2025. Clerk money judgment 30 Sep 2025: $45,498,832.38 to Volcano and $4,494,349.18 to West 4, plus $535 costs.
- Court
- Supreme Court of the State of New York, New York County (Crane, J.)
- Filed
- Motion for summary judgment in lieu of complaint, NYSCEF Doc 22, 8 Apr 2025
- Notes
- Apex South Creek IB, LLC · 18 Nov 2022 · $25M I.B.I. Volcano + $6M West 4 + $11M Comrit (assigned to Volcano 3 Jul 2023) · 12% coupon, 14% default · pledge of IB interests, not a mortgage
- Guarantor
- Crew (f/k/a Versity Invest) LLC guaranty of payment. Not a personal guaranty by Wettengel or Muro.
- 15 Jul 2025
- Crane SFO. Unopposed CPLR 3213 granted in part on default. $42,953,402 to Volcano (including assigned Comrit) and $4,242,913 to West 4, plus 14% from 1 Apr 2025. Attorneys’ fees denied without prejudice.
- 30 Sep 2025
- Clerk JUDGMENT - MONEY. Volcano $45,498,832.38 · West 4 $4,494,349.18 · costs $535
IBI Volcano (Ziv Sapir) and West 4 Capital LP sued Crew on leftover-equity notes behind Apex South Creek. Different stack from the KHCA Vintage / Walk / One on 4th / Hayworth line.
Three notes dated 18 Nov 2022: Volcano $25 million, West 4 $6 million, Comrit $11 million (assigned to Volcano 3 Jul 2023). Coupon 12%; default 14%. Ninety percent of IB redemption proceeds to the lenders; April 2024 amendments split that 77% Volcano / 13% West 4. Crew is the sole named guarantor. Wettengel signed for the IB; Muro signed for Versity Invest as CRO.
Sapir’s 7 Apr 2025 affirmation says the borrower made no interest payments after November 2023. BCLP default notices 11 Nov 2024 (addressed to Frank Muhlon) demanded $44,611,907 and alleged $4 million in acquisition fees to the IB. Lender demand, not a finding.
15 Jul 2025 Crane granted the unopposed CPLR 3213 motion in part on default. Crew neither appeared nor opposed. 30 Sep 2025 clerk money judgment: Volcano $45,498,832.38; West 4 $4,494,349.18; costs $535.
The NYSCEF Doc 22 motion is also Exhibit C of BCS2.
Timeline
- 5–10 Apr 2024First amendments to the Apex IB notes (West 4 5 Apr; Volcano/Comrit 10 Apr). Maturity to 18 May 2024. Redemption split 77% Volcano / 13% West 4. Wettengel signed for the IB; Muro signed for Versity Invest as CRO.
- 11 Nov 2024BCLP default demand on the Apex IB notes and Crew guaranties: $44,611,907. Lender letter says the IB distributed $4 million in acquisition fees to itself. Demand, not a finding. Addressed to Frank Muhlon.
- 8 Apr 2025IBI Volcano and West 4 Capital move for summary judgment in lieu of complaint against Crew on the Apex IB guaranties (NY Index 652237/2025). Motion seeks $47,196,315 as of 31 Mar 2025.
- 15 Jul 2025Crane (NY Index 652237/2025) grants the unopposed CPLR 3213 motion in part on default. Crew neither appeared nor opposed. Judgment directed: $42,953,402 to IBI Volcano (including assigned Comrit) and $4,242,913 to West 4, plus 14% from 1 Apr 2025. Attorneys’ fees denied without prejudice.
- 30 Sep 2025Clerk money judgment, NY Index 652237/2025 (NYSCEF Doc 31): IBI Volcano $45,498,832.38 and West 4 $4,494,349.18 against Crew, plus $535 costs.