Thursday, June 2, 2016

Getting to know Raphael Toledano

The Real Deal checks in with a profile on Raphael Toledano, the 26-year-old developer who has been buying up buildings around the East Village.

The feature delves into his controversial record, such as the eight lawsuits that he has been hit with since February 2014, and his heavy reliance on debt. (Per the article: "New York City multifamily deals are leveraged at an average 50 to 65 percent — Toledano’s deal, by comparison, comes out to 128 percent.")

The feature, not exactly an image softener, notes that Toledano made "frat-tastic boasts about his wealth."

“I’m worth a fuckload of money, bro,” he said.

The statement was all the more remarkable considering that just five years ago the New Jersey native was waiting tables.

In an industry known for colorful personalities, Toledano — who goes by the nickname “Rafi” — has emerged as an unlikely up-and-coming player in the city’s competitive multifamily market. Over the past nine months, he has become one of the East Village’s biggest landlords, after his investment firm, Brookhill Properties, agreed to buy 28 buildings in two separate portfolios from the Tabak family for a combined $140 million. He currently owns more than 400 units — counting only the buildings he’s already closed on.

Altogether, Toledano values his entire portfolio, the bulk of which are aging East Village walk-ups, at $500 million.

Toledano’s plan is to rehab the units, paving the way for destabilization and rent hikes. It’s a playbook move for multifamily investors. But listen to him talk, and he might as well be building on Billionaires’ Row.

“I consider myself the ultimate of developers because I’m taking a run-down, neglected building and developing it,” he said. “Gary Barnett has the easiest job — he gets vacant land, he gets an architect, a good contractor, and he builds up. For me, it’s not like that.”

The article notes that Toledano is also working to introduce a new line of shoes he designed in partnership with a Portugal-based shoemaker.

And while he has "recently sold a few buildings in Murray Hill and Gramercy Park for an undisclosed price, the core East Village assets, he said, he will keep "'for eternity.'"

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

32 comments:

Anonymous said...

I don't see a good ending for this ridiculous person. Unfortunately many will suffer before his demise/prison stint.

On a more superficial note, anyone worth a "fuckload" of money should probably invest in a suit made of natural fibers. That thing looks flammable. It's also two sizes too small. He looks like the richest car wash owner in Lakewood.

Anonymous said...

Riff rafi

Anonymous said...

"I’m worth a fuckload of money, bro"

And there you have it; no need to read the whole article. Sums it up and the state of the East Village of today!.

creature said...

Future Republican presidential nominee.

Anonymous said...

While I'm not supporting this horrible scumbag in any way at all, that's actually the way that a correctly fitted suit looks.

I know that most American dudes get a sack from Men's Warehouse that is two sizes too big, and would look horrible even if it were tailored, but this poor excuse for humanity actually has a jacket that fits.

Anonymous said...

It seems like upstart real estate moguls come to East Village thinking it is an easy way to make money
just buy up old tenament buildings and kicking out tenants and then do a crappy rehab and jacking up rent prices

never understanding that there are rent laws to protect tenants from getting kicked out ..

it is almost funny accept when you think about all the misery this clown is going to cause the tenants of his buildings

Anonymous said...

Beyond sad

Anonymous said...

Baby Croman this is not going to end well

Anonymous said...

POS, enough said. He probably owns a condo in Murray Hill.

Anonymous said...

creature,

Why did old man Kushner go to prison? For making illegal contributions to which party?

Gojira said...

The only way I would want to get to know this smarmy reptile were if I were sitting in court watching him getting thrown into the slammer for half a century. Yeah, bro.

Anonymous said...

If ralfi boy were from Duluth, he'd get more flak from the EV commenters...

Anonymous said...

8:48, I respectfully disagree. That suit looks painted on to Toledano. I love a nice close-cut Thom Browne suit too, but that polyester thing he is wearing is too tight.

Anonymous said...

Agree with 7:20 AM, the suit is too tight. It's wrinkling at the arms. Rafi could not change a light bulb without splitting the seams.

Anonymous said...

fuckload of money bro

a tiny, casual, tossed-off remark. But it tells you a lot. All you need to know about a person like this, and then some.

an NYC real estate person said...

first off, 'baby croman' gets ALL of his suits custom made.....so there.

second, stop hating just because you need to borrow on your credit cards to stay alive in NYC.

third, that's right, he IS worth a fuckload of money. so is trump, and they both say it.

Anonymous said...

Oh, yeah, a self-made man who worked hard for every dollar.

Anonymous said...

Dude is bug-eyed O_O

Anonymous said...

Carrying a fuckload of debt too bro.

Anonymous said...

to Anon 12:10 PM,
Did you read ANY of the comments above yours?

NOTORIOUS said...

A graduate of Trump University no doubt.

Anonymous said...

Not only is his suit too tight but he looks like a 19-year old desperately trying to look 29 with that "beard" only he has the haircut of a 15-year old which makes his desperation to look older than 19 even funnier. He also has a 40 inch chest and my guess a 28 inch waist - do some pushups and get some protein "bro".




Anonymous said...

He definitely has a "fuckload" of something, but it ain't money!

Anonymous said...

Pride goeth before a fucktard falls, bro;

Anonymous said...

I've heard he's a good guy with a heart of gold....

Anonymous said...

If you're leveraged 128% you're not worth a lot, you owe a lot, bro

Good luck with that

Anonymous said...

He's too big to fail.

Anonymous said...

If you look closely at his forehead you can make out the word "hubris".

Anonymous said...

this guy is super sketchy and blows my mind he's been able to accomplish or take the east village over.

after 10 years in the same apartment I love he's pricing me out of the EV and doing all he can to get out my neighbors.

F U RAFI

Anonymous said...

BRAVO TO THE REAL DEAL FOR PRINTING THIS ARTICLE!
I'm a Toledano tenant fighting for my Rent Stabilized Lease. Only time will tell.

Building conditions are terrible in hallway common areas due to construction/ renovations.
Lead dust everywhere.
I'm sure we will be hearing about asbestos soon.

NYC Government: Where Are You? Is he making payoffs?
NY1: Where are you?
Why don't you do an in depth investigation?

He's a good talker. He has charisma. Then, he tells you how much money he's worth. His cursing is out of control and makes him sounds childlike. He claims he wants to help people by giving them money to move.
The uninformed are taking buyouts of $40,000 to $180,000 without realizing that money will be taxed as income. Where you going to go? Do the math. You might be getting a free year of rent but the profit will be gone and you'll be paying market rate rent after that year. It isn't worth it.

I'll bet he wasn't a good waiter....
No Sympathy For The Devil

Brian said...

The article says he got 97 Second Avenue for $5 million in 2014. That is really good deal. How did he swing that? The building is and was worth much more than that. What is going on? Is he crazy as a fox? Just likes playing the a-hole as part of the business plan, likes bad publicity, not afraid of ending up like Croman? Commenters seem to think he is going down but I tend to think guys like this sometimes do just fine, it could go either way and would not be surprised either way.

Brian said...

If there is lead dust everywhere and you have no confidence in the city proecting you, you have to hire your own professional inspectors to test for lead dust and asbestos periodically. Also video the hallways every day and any other problems you see. You can win a lawsuit if you document, even get a settlement pretrial if you document well. You should document because it sounds like an MCI increase may be coming your way if they are improving common areas.