Thursday, September 8, 2016
Yesterday brought word that Raphael Toledano's Brookhill Properties is selling two of his East Village properties — 221 E. 10th St. and 58 St. Mark’s Place — as part of a four-building deal worth $36 million.
The selling spree continues. Massey Knakal has listed five more of Toledano's properties, which can be bought separately or as a $64 million collection.
The buildings and their asking price, per the listing:
• 27 St. Mark's Place — $16.5 million
• 66 E. Seventh St. — $12 million
• 253 E. 10th St. — $11 million
• 510 and 514 E. 12th St. — $24.5 million (must be purchased together)
The five buildings represent 102 residential units and seven commercial units.
All five of the addresses were among those in the 16-building portfolio that Toledano purchased from the Tabak family, paying $97 million in September 2015. (In the past year, Toledano purchased 28 buildings in two separate portfolios from the Tabak family for a total of $140 million.)
Massey Knakal is also accepting offers on one of Toledano's first East Village properties — 97 Second Ave.
The Brookhill Properties website shows that the company owns 21 buildings in the East Village.
In an interview published by The Real Deal in June, in which Toledano boasted that he's "worth a fuckload of money, bro," the developer and aspiring shoe designer said that he will keep his core East Village assets "for eternity."
Experienced real-estate players have raised red flags about Toledano's heavy reliance on debt, per The Real Deal.
Toledano has been accused of a variety of predatory practices. In addition, 20 of his buildings were tested for toxic levels of dust. In May, Toledano agreed to pay more than $1 million to settle a lawsuit that alleged that he harassed rent-regulated residents at 444 E. 13th St.