[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
Ah version 2.0 (nephew) outplayed and outmaneuvered version 1.0 (uncle).
ReplyDeleteHow would you like to wake up this morning and see your home address on that list, I shudder to think... What these poor tenants are about to endure will be horrible
ReplyDelete"motivated solely by greed." ummm, is there any other reason to buy up half of the East Village?
ReplyDeleteughhhh
ReplyDeleteI highly recommend the tenants from all of these buildings find a way to connect with each other a.s.a.p. so they can mobilize against him quickly when he starts pulling whatever kind of crap he is going to pull.
ReplyDeleteOh dear god enough with the tragically over worshiped millennials! You know, the ones buried in student loan debt and living in play group-friendly communes.
ReplyDeleteA good read as to what is happening w/ real estate in NYC:
ReplyDeletehttp://www.theawl.com/2015/09/manhattan-real-estate-explained-in-just-one-street Manhattan Real Estate Explained, In Just One Street - A walk down 14th Street
might as well call the East Village "Suckville".
ReplyDeleteI can hope that Toledano means what he says by being a partner, but what has been experienced by some so far does NOT bear this out.
ReplyDeleteThe tenants of all these buildings have been benefiting from the great leadership at GOLES and the strong work of the attorneys at Urban Justice. Many folks who live in these buildings have formed new tenants associations in the last two months in response to this development and most of us ain't... goin'... nowhere... :-)
Thanks, EV Grieve, for staying with this.
Years of hard labor and diligent work finally paid off for this new King of New York.
ReplyDeleteAll this new real estate money coming into the Ev is for profit. They will do what they have to within the law and skirting the law to get what they want. They get away with it because the tenants in most buildings turnover every two years. They have little at stake in their building. In the old EV people stayed. A building was a mimi neighborhood. But not anymore. I'm in my building close to 45 years. Every three years the other six apartments turn over. All new people. This has been going on for the last ten years or so. If there is a problem with the landlord you are on your own. We can cry about stores closing all we want but the real problem is high rents mean high turn over and anonymous tenants.
ReplyDeleteIt's awful how these real estate investors so blatantly court only the millenial crowd. Try getting an apartment if you are middle-aged or old. The real estate agents don't want to find anything for you because the landlords don't want permanent residents. They want kids who are only going to stay for a year or two.
ReplyDeleteThat link from The Awl brings a big 404.
ReplyDeleteFascinating how a 25 year old has the money to buy all these buildings.
ReplyDelete"It's awful how these real estate investors so blatantly court only the millenial crowd. Try getting an apartment if you are middle-aged or old. The real estate agents don't want to find anything for you because the landlords don't want permanent residents. They want kids who are only going to stay for a year or two."
ReplyDeleteWhat? Most landlords I know want people who pay their rent on time and don't cause trouble. No idea what you are smoking.
@ September 12, 1:49:
ReplyDeleteThere was an article in the NY Times about 2 years ago with the president of Avalon about their East Village developments. One of his comments was that their "ideal tenant" stays 2-3 years.