[233-235 E. 5th St.]
Raphael Toledano’s Brook Hill Properties has completed the purchase of 16 East Village buildings from the Tabak family, paying $97 million, according to The Real Deal.
The portfolio amounts to 301 apartments and 15 retail spaces. Here are the addresses (updated this list 9/12):
• 27 St. Marks Place – 20 residential units; 2 commercial units
• 66 East 7th Street – 22 residential units; 2 commercial units
• 95 East 7th Street – 20 residential units
• 223 East 5th Street – 18 residential units
• 228 East 6th Street – 20 residential units; 2 commercial units
• 229 East 5th Street – 10 residential units
• 231 East 5th Street – 8 residential units; 2 commercial units
• 233 East 5th Street – 10 residential units
• 235 East 5th Street – 10 residential units
• 253 East 10th Street – 20 residential units; 1 commercial unit
• 323-325 East 12th Street – 37 residential units
• 327 East 12th Street – 22 residential units; 2 commercial units
• 329 East 12th Street – 24 residential units
• 334 East 9th Street – 20 residential units; 2 commercial units
• 510 East 12th Street – 20 residential units; 2 commercial units
• 514 East 12th Street – 20 residential units
The deal moved forward despite the fact that Toledano’s uncle, power broker Aaron Jungreis, is suing him. According to the Daily News, the two allegedly agreed to form a joint venture to acquire the buildings, but Toledano reportedly went behind his uncle's back to buy them himself. Jungreis accuses his nephew of being "motivated solely by greed." (This suit was settled. See update below.)
In other East Village Toledano legal action... In May, rent-regulated tenants at 444 E. 13th St. filed a lawsuit against Toledano and his Goldmark Property Management for "deplorable conditions" as well as for alleged ongoing threats and harassment.
Then in August, state officials served subpoenas on Goldmark Property Managmenet, investigating whether the company threatened tenants with police raids, evictions and the shut off of essential service, as The Real Deal put it.
Updated 11:30 a.m.
Real Estate Weekly had more details on the sale...
Toledano, who at 25 is the youngest landlord in New York City with a portfolio of this size, and Brookhill Properties are focusing on this neighborhood because of its appeal to millennials (18-35 year-olds) and the significant potential for continued growth. Toledano is currently under contract to purchase an additional 11 buildings in the East Village, West Village and Murray Hill for $55 million.
“We are committed to being a force for good in the neighborhood and providing our tenants with high-quality apartments,” Toledano said. “Our company is not just a property owner, we are members of this East Village community and look forward to partnering with local groups to show our dedication.”
Updated 12:30 p.m.
The Real Deal reports that Jungreis and Toledano have settled...
“I am glad that we were able to amicably settle with Mr. Jungreis and continue focusing on what matters – serving our tenants and asserting ourselves as the largest landlord in the East Village while continuing to better the community,” Toledano told The Real Deal.
Previously on EV Grieve:
Claim: Landlord of 444 E. 13th St. threatened 'to drop dynamite on the building'
Reader report: Large portfolio of East Village buildings ready to change hands
Report: State investigating East Village landlord Raphael Toledano
Report: Uncle suing nephew broker Raphael Toledano over $100 million East Village deal