The interview touched on a variety of topics, including Delshah Capital's recent deals to scoop up "commercial mortgages and particularly debt that is nonperforming or on properties that have slipped into bankruptcy."
That's when the conversation turned to Raphael Toledano, who quickly established himself as a terrible landlord in the East Village.
To the Observer's Q&A:
[T]hose deals have also earned you enemies like landlord Raphael Toledano, who allegedly said he would “bury you” after you bought the note on his building at 97 Second Avenue. What did you make of that? [In November 2017, a federal bankruptcy court judge dismissed a lawsuit filed by Toledano seeking to block Shah’s acquisition of the property.]
The dude was imploding, and it was pretty clear vultures were going to pick his carcass dry, and I wanted to be one of them. From the time Madison Realty Capital made the loan [a $124 million mortgage on Toledano’s acquisition of a 16-building East Village portfolio], it wasn’t a question of if he was going to default — it was when.
I don’t really know how anybody in their right mind believed [Toledano] was going to out-litigate us; he’s not very litigation-savvy. I think it was a lot of noise and press — he’s a colorful guy.
Before we did the deal, we had analyzed the litigation risk and knew how a bankruptcy would end, and it played out exactly how we planned. [Note: Toledano and his firm, Brookhill Properties, could not be reached for comment.]
Previously on EV Grieve:
Foreclosure notice arrives on Raphael Toledano-owned building on 12th Street
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
Foreclosure notice arrives on Raphael Toledano-owned building on 12th Street
Report: Raphael Toledano files for Chapter 11; $145 million deal for EV portfolio is off the table
East Village tenants pay landlord Raphael Toledano a visit at his Upper West Side home
And I don’t really know how anybody in their right mind believed Toledano was be a worthwhile business partner, much less a decent human being.
ReplyDeleteNice to see one vulture picking at the carcass of another vulture.
ReplyDelete“The Dude Was Imploding” should be the name of a Broadway musical about the worst landlord in East Village history, starring James Franco as Rafi Toledano.
ReplyDelete