1043 Northern Boulevard, Roslyn, NY

Northgate Real Estate Group has been exclusively retained to market a 33.33% membership interest in 1043 Northern Blvd Realty LLC, a New York limited liability company, which owns the fee interest in the property known as 1043 Northern Boulevard, Roslyn, New York 11576 (the “Property”).

Collateral Snapshot

Reference is made to that certain loan, in the original principal sum of $2,100,000.00 (the “Loan”), made on or about May 17, 2024, by Ellis Equities, LLC (“Secured Party”), a New York limited liability company, to Georgiades Brothers Realty LLC (“Debtor”), a New York limited liability company, as evidenced by, among other things, that certain Promissory Note, dated as of May 17, 2024 (the “Note”).

Reference is further made to that certain Pledge and Security Agreement, dated as of May 17, 2024 (the “Pledge Agreement”), executed in favor of Secured Party by Debtor, and that certain Acknowledgment of Pledge, dated as of May 2024 (the “Pledge Acknowledgment”), executed by 1043 Northern Blvd Realty LLC (the “Company”), a New York limited liability company. Under the Pledge Agreement, Debtor pledged and granted to Secured Party, among other things, as collateral security for the due and punctual payment by Debtor of all amounts due under the Note (the “Debt”) a continuing first-priority lien on, and security interest in, the “Collateral” (as defined in the Pledge Agreement and further described below), including, without limitation, all Debtor’s membership interest in the Company (the “Pledged Interests”). Debtor owns 33.33% of the membership interests of the Company, which is the fee owner of the property known as 1043 Northern Boulevard, Roslyn, New York 11576.

Reference is further made to that certain Guaranty, dated as of May 17, 2024 (the “Guaranty”), executed in favor of Secured Party by John Georgiades a/k/a Joannis Georgiades, Panayioti Georgiades, and Achilleas Georgiades (collectively, “Guarantors”); the Affidavits for Judgment by Confession, each dated May 17, 2024 (the “Confessions of Judgment”), each executed in favor of Secured Party by Guarantors; and the Escrow Agreement, dated as of May 17, 2024 (the “Escrow Agreement”), executed by Debtor, Guarantors, and Karabelas & Papagianopoulos, LLP.

The Note, the Pledge Agreement, the Pledge Acknowledgment, the Guaranty, the Confessions of Judgment, and the Escrow Agreement, and all other documents evidencing, securing, guaranteeing, or relating to the Loan are collectively referred to as the “Loan Documents.” Capitalized terms not defined in this Notice of Disposition of Collateral have the meanings set forth in the Loan Documents.

The Maturity Date was June 1, 2025, but Debtor failed to pay to Secured Party the amounts due under the Loan Documents on the Maturity Date (the “Maturity Default”).

On June 3, 2025, Secured Party sent Debtor a default notice (the “Default Notice”), in which Secured Party informed Debtor of, among other things, the occurrence and continuance of the Maturity Default.

To date, payment of amounts due under the Loan Documents has not been received by Secured Party. Thus, Secured Party has determined to exercise its rights under the Pledge Agreement to foreclose upon all the Collateral, which consists of all Debtor’s membership interest in the Company, as said membership interests, at any particular time, are set forth in the operating agreement of the Company (the “Operating Agreement”), including, without limitation:

• all present and future rights of Debtor to receive any payment of money or other distribution or payment arising out of or in connection with Debtor’s membership interest in the Company;
• all rights of Debtor as a member under the Operating Agreement;
• all substitutions, interest, dividends and other distributions arising out of or in respect of the Collateral;
• all books, records, papers, and general intangibles relating exclusively to the Collateral; and
• all products and proceeds, both cash and non-cash, arising out of or in respect of any of the foregoing.

On June 10, 2025, Secured Party informed Debtor and the Company that, among other things, in accordance with section 8.11 of the Pledge Agreement, Secured Party had elected to become a member of the company in substitute of Debtor and, among other things, the Company was required to admit and recognize Secured Party as a member of the Company, with the full right to exercise all the rights of a member of the Company and with the full right to transfer such membership interest subject to the limitations set forth in the Operating Agreement in the event Secured Party wished to transfer or sell this interest. Also on June 10, 2025, Secured Party delivered to Debtor and the Company that certain Assignment of Membership Interest With Power, dated as of June 10, 2025, executed by Efstathios Valiotis, as officer of Secured Party and acting as attorney in fact for Debtor, purporting to assign the Pledged Interests to Secured Party (the “Assignment”). Further, on July 21, 2025, Secured Party wrote to the Company and its managing member demanding access to inspect and copy the Company’s books and records (the “Books and Records Demand”). Other than in connection with delivering the Assignment to the Company and making the Books and Records Demand, Secured Party did not exercise, or purport to exercise, any membership rights under the Assignment that would give any other person any rights concerning the Collateral or that would induce reliance by such person; and Secured Party will not do so from the date of this Notice of Disposition of Collateral through the consummation of the sale contemplated by this Notice of Disposition of Collateral.

PLEASE BE ADVISED that in accordance with the Uniform Commercial Code, as adopted in the State of New York (the “NYUCC”), Secured Party will sell at a public auction all the right, title, and interest in and to the Collateral to the highest Qualified Bidder, as that term is defined in the Terms of Sale, which are attached as Exhibit A (the “Terms of Sale”), at a public auction, to be held in person and remotely as detailed below, to take place as follows:

May 11, 2026
3:30 p.m EST

Location: Schlam Stone & Dolan LLP 26 Broadway, 19th Floor New York, New York 10004
Virtual Access: Via Zoom (credentials available upon request)

Auctioneer: Matthew D. Mannion, Mannion Auctions, LLC Notwithstanding the Assignment, and without conceding the validity or invalidity of it, Secured Party waives any and all rights it may hold in the Collateral by virtue of the Assignment and agrees, for all purposes of this auction and the sale contemplated by this Notice of Disposition of Collateral, to treat the Assignment as null and void, and upon closing of the sale contemplated by this Notice of Disposition of Collateral, if the winning bidder is a party other than Secured Party, will execute and deliver to the winning bidder and the Company a formal rescission of the Assignment in the form included in the virtual data room described below. Secured Party will conduct this auction as if the Assignment had never been made and will be fully bound by the results of this auction such that the winning bidder will acquire all rights in, to, and/or under the Collateral in accordance with section 9-617 of the NYUCC. In the event a party other than Secured Party is the winning bidder, Secured Party agrees to take all reasonable steps to confirm the winning bidder’s receipt of good and indefeasible title to the Collateral, unencumbered by any claim arising from or related to the Assignment.

For additional information regarding the Collateral, including, without limitation, access to a virtual data room with relevant documents, you may contact Secured Party’s broker, Greg Corbin, at Northgate Real Estate Group, 1633 Broadway, 46th Floor, New York, New York 10019, (212) 369-1800 and greg@northgatereg.com.

For additional information regarding the public auction, bidding on the Collateral, or use of Zoom Remote Meeting, you may contact the auctioneer, Matthew Mannion, at mdmannion@jpandr.com, or by phone at (212) 267-6698.

The auction is subject to the terms and conditions set forth in the Terms of Sale.

Secured Party reserves the right to cancel or adjourn the sale in its entirety, in each case at any time and from time to time, with or without notice to Debtor or any other party or person, in all cases, in accordance with the NYUCC.

By selling and purchasing the Collateral as part of the the sale referenced in this Notice of Disposition of Collateral, neither Secured Party nor any purchaser of the Collateral shall assume any liability or obligation whatsoever regarding any debts, expenses, or liabilities of Debtor or any other person or entity, and none of such debts, expenses, or liabilities shall be assumed or deemed to be assumed by Secured Party or any purchaser. Neither Secured Party nor any purchaser shall be, or shall be deemed to be, a “successor” of or to Debtor or any other person or entity for any purpose.

Secured Party reserves the rights to bid for and purchase the Collateral, assign its bid, and/or credit all or any portion of the purchase price against the outstanding balance of the amounts due and owing to Secured Party under the Loan Documents.

PLEASE BE FURTHER ADVISED that as of March 5, 2026, the amount due to Secured Party under the Loan Documents is at least $2,532,600.00, exclusive of attorneys’ fees and costs due to Secured Party under the Loan Documents.

DEBTOR IS ADVISED THAT IF THE PROCEEDS OF ANY SALE ARE NOT SUFFICIENT TO SATISFY DEBTOR’S OBLIGATIONS UNDER THE LOAN DOCUMENTS, DEBTOR AND GUARANTORS MAY BE HELD LIABLE FOR THE DEFICIENCY TO THE EXTENT ALLOWED BY LAW AND THE LOAN DOCUMENTS, AND WITHOUT PREJUDICE TO SECURED PARTY’S RIGHT TO FILE AND ENFORCE THE CONFESSIONS OF JUDGMENT. SECURED PARTY RESERVES ALL OF ITS RIGHTS AND REMEDIES, OF ANY AND EVERY TYPE OR NATURE WHATSOEVER, AGAINST BORROWER AND ALL OTHER PERSONS AND ENTITIES, INCLUDING, WITHOUT LIMITATION, GUARANTORS, FOR ANY AND ALL DEFICIENCIES DUE TO SECURED PARTY UNDER THE LOAN DOCUMENTS. THE SALE REFERENCED IN THIS NOTICE OF DISPOSITION OF COLLATERAL IS NOT INTENDED TO BE, NOR SHALL IT BE DEEMED TO BE, A “STRICT FORECLOSURE” OR “ACCEPTANCE OF COLLATERAL IN FULL OR PARTIAL SATISFACTION OF OBLIGATION” AS SET FORTH IN SECTION 9-620 OF THE NYUCC.

ATTENTION TO ANY PERSON OR ENTITY IN BANKRUPTCY OR WHO HAS RECEIVED A DISCHARGE IN BANKRUPTCY: Please be advised

that this letter constitutes neither a demand for payment of the debt described herein nor a notice of personal liability to any recipient hereof who might have received a discharge of such debt in accordance with applicable bankruptcy laws or who might be subject to the automatic stay of Section 362 of the United States Bankruptcy Code.

This notice is being delivered to Debtor in accordance with Sections 9-611 and 9-612 of the NYUCC to provide Debtor an opportunity to monitor and participate in the disposition of the Collateral.

Under the applicable provisions of the NYUCC, Debtor is entitled, at no additional cost to it, to an accounting of all the unpaid indebtedness that is secured by the Collateral. Debtor may request such an accounting by contacting Secured Party’s counsel, Joshua Wurtzel, Esq., Schlam Stone & Dolan LLP, 26 Broadway, New York, New York 10004; (212) 612-1226; and jwurtzel@schlamstone.com.

THIS NOTICE, WHICH IS GIVEN MORE THAN 30 DAYS BEFORE THE DATE OF THE PUBLIC SALE, IS THE ONLY PRIOR NOTICE OF SUCH SALE OF THE COLLATERAL THAT YOU WILL BE SENT. ANY REQUIRED PUBLIC ADVERTISEMENTS OF THE SALE WILL BE MADE IN ACCORDANCE WITH APPLICABLE LAW AND CUSTOMARY PRACTICE. THE FORM OF PUBLIC NOTICE IS ATTACHED AS EXHIBIT B.

Nothing contained in this Notice of Disposition of Collateral may be deemed to be a modification of the Loan Documents, or to be a waiver of any delinquency, breach, default, or event of default under the Loan Documents, or to limit, restrict, or constitute a waiver of any of Secured Party’s rights or remedies under the Loan Documents, applicable law, equity, or otherwise,  including, without limitation, any right to any deficiency resulting from the sale arising from the debt secured by the Collateral, all of such rights and remedies being expressly reserved.

Except to the extent that such right is waived, Debtor, any secondary obligor, and/or any other secured party or lienholder has the right to redeem the Collateral at any time before Secured Party has disposed of the Collateral or entered into a contract for its disposition by tendering payment of all indebtedness secured by the Collateral as well as any expenses reasonably incurred by Secured Party in retaking, holding, and preparing the Collateral for disposition, in arranging for the sale, and, to the extent provided in the Loan Documents and not prohibited by law, Secured Party’s reasonable attorneys’ fees and expenses.