Friday, July 8, 2016

Report: Raphael Toledano selling 6 of his East Village buildings

The Real Deal is reporting that controversial landlord Raphael Toledano is aiming to sell six East Village buildings less than a year after buying them.

Toledano, who has been accused of allegedly harassing his tenants and other predatory practices, bought a 16-building portfolio last September from the Tabak family for $97 million.

Per The Real Deal:

To acquire the portfolio, Toledano took out two mortgages from Madison Realty Capital totaling $124 million for the acquisition as well as planned renovations. The mortgages were an example of multiple financings that led experienced real estate players to describe Toledano as overleveraged.

The six walk-ups – which include 27 St. Mark’s Place and 66 E. Seventh St. – are expected to fetch north of $50 million, sources say. (The article doesn't list the other four buildings.)

No. 27 was home to The Sock Man before a rent hike forced him to close at this location. No. 66 was home to Barbara Feinman Millinery, which also had to relocate.

However, as The Real Deal notes, the landlord isn't giving up on the neighborhood:

Toledano is in the process of buying 11 East Village buildings for a combined $43 million — also from the Tabaks.

Previously on EV Grieve:
Claim: Landlord of 444 E. 13th St. threatened 'to drop dynamite on the building'

Report: Residents at 444 E. 13th St. will receive a $1 million settlement over claims of harassment by Raphael Toledano

Report: State investigating East Village landlord Raphael Toledano

Health Department to inspect Raphael Toledano's East Village properties for toxic levels of lead dust


Anonymous said...

"Toledano is in the process of buying 11 East Village buildings for a combined $43 million — also from the Tabaks."

He should be under federal investigation, but instead he's going to keep accumulating debt and forcing people to live under his slumlord conditions. What a great country!

Anonymous said...

Is that one of those novelty t-shirts printed to look like a suit and tie?

Anonymous said...

That's "free America", a "true democracy". The land of the great and of those who show the money. Then, you are "set free"

Gojira said...

Agreed, Anon. 4.02 - how is that red flags are not being thrown up all over the place like the rat poison ones in Tompkins Square Park whenever this greasy piece of shit walks through the doors of any financial institution? Did not of those places learn from what happened in 2008, or, as is more likely, do they not care, since it was we taxpayers that bailed them out of their self-inflicted agonies? It is utterly shameful that he is being allowed to continue playing this cruel game.

Anonymous said...

Welcome to DeBlasio's New York. Money talks

Anonymous said...

My heart hurts.

Anonymous said...

The Tabaks loves selling to Toledano. Over 10 buildings now. It's fascinating..

Anonymous said...

I am praying that my building @ 325 E12th Street is included.
This man has robbed me of my sense of home.
Morton and Alan Tabak were the best landlords a tenant could have wished for.
Now, with Toledano, it's like dealing with the devil.
I'm going to church today to say a prayer.

Anonymous said...

They love selling to him because hes a mark. Its that simple. Theyll prob end up buying the buildings back for far less when this jabroni goes bankrupt or to club fed.

JQ LLC said...

The heroin trade, black market organ dealing and gun trafficking has more integrity and is more regulated than the way properties get dealt in this city and in this era of capitalism.

Anonymous said...

7:01 PM - I believe you can go directly from the board room to scuba diving in that suit.

Anonymous said...

Why are the Tabaks selling to such a known piece of pond scum? Surely they could get perfectly good prices from other buyers who might be less pond-y?

Anonymous said...

It's important people realize that the Tabak's making the deals are relatives to the Tabak's who were admired by tenants and considered good landlords. Morton (original owner) and Alan (Morton's son) stayed removed during the original 16 building deal with Toledano. Most long term tenant's considered themselves fortunate to have such a great landlord. It's doubtful Morton or Alan Tabak would have sold their buildings to such a sleeze.
Now, they couldn't be missed more.
Other family members, Janet Garfinkel (Morton's daughter) and Jonathan Tabak (Alan's son) made the deal after mismanaging the family business.
None of this surprises long term tenants.
Greed & ignorance sold to slimy & fortunate.

“Make money your god, and it will plague you like the devil.” Henry Fielding