[File photo of 58 St. Mark's Place]
Raphael Toledano's Brookhill Properties is in contract to sell two of his East Village buildings, according to The Real Deal.
Renaissance Realty Group, a Midwood-based investment firm led by Adir Cohen, is buying a pair of East Village properties at 221 East 10th Street and 58 St. Mark’s Place for $22.5 million. The sales would represent a sizable increase in value – from $2.95 million and $3.8 million in November 2015 to $10 million and $12.5 million respectively, according to sources and property records.
The controversial Toledano, who has been accused of allegedly harassing his tenants and other predatory practices, is reportedly selling other East Village properties. (The Real Deal noted this back in July.) This past Thursday, we noted that he also put 97 Second Ave on the sales block.
Hakata Hot Pot and Sushi Lounge, housed in the retail spaces at 58 St. Mark's Place between First Avenue and Second Avenue, closed at the end of February. In a message on Facebook, the owners said that they had lost their lease. (Hakata Hot Pot combined with sister restaurant Zen 6 the next block to the west at 31 St. Mark's Place.)
Both 58 St. Mark's Place and 221 E. 10th St., which is between First Avenue and Second Avenue, were among Toledano's properties reportedly tested for toxic levels of lead.
The Real Deal reports that Toledano likely isn't through dealing.
Toledano is looking to sell more of his East Village-centric holdings, including a portion of a separate 17-building, $97 million portfolio he bought from the Tabaks in September 2015. Market observers noted at the time that the price was an incredible bargain, though Toledano is also said to be over-leveraged.
Previously on EV Grieve:
Claim: Landlord of 444 E. 13th St. threatened 'to drop dynamite on the building'
Report: State investigating East Village landlord Raphael Toledano
Health Department to inspect Raphael Toledano's East Village properties for toxic levels of lead dust
Aww wassa matta Raffi, you no like us no more?! Hey, where you going? Come back!
ReplyDeleteWatch this f*cker walk away with a very fat wallet, after harassing tenants and then flipping the buildings.
ReplyDeleteHe's going to flip the properties, pay off the loans and clear millions. The 17 building portfolio was a bargain. He will make a fortune selling all of it. He's laughing all the way to the bank. I'm sure the new landlords will be just as bad if not worse.
ReplyDeleteHe made over 15 million in profit . make fun all you want
ReplyDeleteAnd in the end the only people who will suffer are the tenants.
ReplyDeleteHow do the owners expect to make a profit at those prices? Rents can only go so high...
ReplyDeleteSo now he can use his even-bigger-bank-account to buy more buildings to harass more tenants. (There oughta be a law... )
ReplyDeleteMaybe he's aiming for the top of the "worst landlords" list??
Yet we continue to pay rent. How sad, the way we treat the homeless, who are the only ones to buck the system!
ReplyDeleteSomething's fishy here
ReplyDelete@6:48pm: Rents? Nah, try this word: "CONDOS"
ReplyDeleteAnd no one is waiting for him with handcuffs? What a system. That hatchet-faced little snake should be wearing an orange jumpsuit and breaking rocks on a chain gang somewhere.
ReplyDeleteI have . Made money from him.
ReplyDeleteHe won, big time, which sucks. But at least he is out of those buildings and that is good for those tenants. Don't like what he has done to some of those buildings, but if you are keeping tally, he is winning. (And it sucks.)
ReplyDelete@Donnie Moder: He may be "winning" when it comes to money, but IMO, as a human being he's the walking definition of a loser.
ReplyDelete