Property Valued At $1.2 Million
By Kenneth R. Gosselin
March 13, 2012
The major tenant in the two-story, white-washed brick building in the heart of downtown Hartford's Union Place is the popular "Up or On the Rocks" night club.
But now, the owner of the building at 48-56 Union Place also is on the rocks for a very different reason: a looming foreclosure.
MKCK Realty, LLC of Guilford is facing foreclosure from one of two lenders who helped MKCK finance the purchase of the building in 2005 for $1.4 million.
Vici Realty, LLC, which also was the previous owner, filed documents in Superior Court in Hartford late last month seeking to foreclose on a mortgage originally taken out for $175,000.
Vici is seeking a foreclosure that would allow it to repossess the building.
A foreclosure would not necessarily affect the night club.
According to the documents, Vici claims:
"Despite demand, the defendant, MKCK Realty, LLC has failed and/or refused to pay the plaintiff, Vici Realty, LLC the sums due and owing under the note and mortgage."
MKCK, whose principal is Richard J. Ficorilli, couldn't be reached for comment. Dale M. Clayton, an attorney at Polivy & Taschner, the Hartford firm representing Vici, declined to comment.
Vici is technically second in line behind the primary lender, Equity One Inc., which provided $919,000, the bulk of the financing for the purchase. Equity One Inc. has not commenced any legal action.
If this foreclosure reaches its conclusion and Equity One takes no further action, Vici would have to work out terms with Equity One, perhaps to find a buyer for the property.
The fair market value is now pegged at $1.2 million, according to city records, based on last year's citywide revaluation.
In addition, there is a third mortgage on the property, taken out in 2006, a year after the purchase, for $105,000.
The holders of that mortgage are listed as Robert Hominski of New Britain and Armen Kevorkian-Hominski of Marlborough.
|Reprinted with permission of the Hartford Courant.
To view other stories on this topic, search the Hartford Courant Archives at