The Real Deal has the story:
An affiliate of Larry Gluck’s Stellar Management is suing Raphael Toledano, claiming the investor accepted a $130 million mortgage to finance the acquisition of his East Village portfolio, but then backed out of the deal and refused to pay the $1.9 million break-up fee.
“Almost immediately after signing the contract on July 15,2015,” Stellar states in the suit, “Toledano opted to take out a $124 million loan from Madison Realty Capital to finance the portfolio purchase. Toledano's agreement with Madison Realty Capital was in direct violation of the exclusivity provision of the contract and constitutes as a breach of contract.”
The is the latest legal matter involving Toledano to make headlines. Last spring, rent-regulated tenants at 444 E. 13th St. accused Toledano, 26, and a management company he hired of harassment and intimidation.
Prior to closing on the East Village deal this past fall, Toledano's uncle, Rosewood Realty Group's Aaron Jungreis, sued his nephew, claiming that he was squeezed out of the deal. (That suit was later settled.)
In December, The Real Deal reported on a possible link between Toledano and a fake law firm, Truman & Wildes LLP.
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
Report: Raphael Toledano completes purchase of 16-building East Village portfolio
More about alleged harassment and landlord visits via Brook Hill Properties
Brook Hill Properties launches chocolate offensive
In op-ed, Raphael Toledano says that he wants 'to make the East Village a better place'
Report: East Village landlord Raphael Toledano allegedly misrepresented himself as a lawyer
The Villager looks at landlord Raphael Toledano's criminal past
An open letter to landlord Raphael Toledano from the Toledano Tenants Coalition
Hmm, could we be witnessing the beginning of the end for this hatchet-faced little sneak? Guess we can only hope. I'd pay long green never have to see his smug grinning features again, unless they were peering at me out of a mug shot or Wanted poster.
ReplyDeleteIt is not abnormal to shop a couple mortgages for interest rates, just takes a rare bird to move that far forward and then bail. Harassing tenants and pissing off big real estate, Ralphy ain't got friends on either side now.
ReplyDeleteWow. That's an earful!
ReplyDeleteJust a normal day for the real estate business community. Snakes writhing in a cage.
ReplyDeleteThese guys are a sad symptom of the real estate business. Guys like RaffyT fill a need... They do the investors dirty work.
ReplyDeleteCarefully Ralphie, you're starting to develop a punchable face.
ReplyDeleteSomeone could make a fortune by selling a punching bag that looks like his face.
ReplyDelete@ Anon 1:28pm and Giovanni--"Backpfeifengesicht"--a usefu
ReplyDeletelGerman word for exactly that, a face in need of a slap/fist!
How the fuck does someone like this guy get a $124 MILLION loan? I can't afford to buy an apartment and he gets a loan for $124 MILLION?!?! Wow.
ReplyDeleteIf you're 26 years old and have a face like that you need to have a few "friends" from Jersey with vowels at the end of their names to get these kinds of loans.
ReplyDelete