$150MM+ Condo Development Bankruptcy Advisory | New York, NY

Retained by defendant Gamma Real Estate’s counsel, Kramer Levin, to render expert witness opinions on the conscionability of the interest rate charged and indicia of a loan-to-own scheme in U.S. Bankruptcy Court for the Southern District of New York.


Client was involved in a high-stake litigation with a borrower who defaulted on an acquisition/predevelopment loan secured by 428-432 East 58th Street, NYC. The borrower originally intended to develop a 314,000-gross-buildable-square-foot, 80-unit, ultra-luxury condominium property. However, multiple capitalization strategies and deteriorating market conditions impeded the borrower from moving forward, leading to a maturity default and subsequent bankruptcy filing.


Leveraged a unique blend of academic and work experience to prepare a Declaration and Expert Report. Presented to the Bankruptcy Judge, challenging and disqualifying the plaintiff’s claims. The case ruled in favor of the defendant as a result of its total arguments.

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Seth Shumer




D: (305) 995-0777 ext .306
C: (305) 360-9625 

Alexei Muniak


Mr. Muniak joined Eyzenberg & Company in 2022 to focus on debt and equity originations in his newly adopted home of South Florida.

Mr. Muniak is Co-Founder and Managing Partner at Makal Equities, a real estate investment firm specializing in multifamily, industrial and retail property in Southern California and New York. He invested, sourced, and underwrote all commercial development and investment opportunities during this time. Furthermore, Mr. Muniak’s previous position as Managing Director at a Family Office in New York allowed him to develop his skills as he increasingly became involved in all aspects of fundraising and deploying the fund’s investment mandate. In his career to date he has invested, sourced, and underwrote commercial development and investment contracts, exceeding 100 million dollars.

Furthermore, Mr. Muniak is a Board Member and shareholder of the Mangia Hospitality Group in New York, where he oversees all aspects of fundraising, including the Group’s investment mandates. As a strategic dealmaker, Mr. Muniak is responsible for retail acquisitions & new developments and acts as a liaison with City and State Government bureaus. Due to his established reputation as a key player in the real estate and hospitality industry, Mr. Muniak has managed to build a wide portfolio of bicoastal projects and has worked closely with top developers, entrepreneurs, and restaurateurs nationwide.

Originally from New York City, Mr. Muniak graduated from Johnson & Wales University in Rhode Island, and completed his graduate Business certificate in Sydney, Australia. He is a long-time martial artist and a philanthropist.



D: (305) 995-0777 ext. 309
C: (917) 536-1057