Report: Madison Realty Capital now managing Raphael Toledano's East Village portfolio

[East 5th Street buildings that were part of Raphael Toledano's portfolio]

On Friday, Judge Sean Lane of the U.S. Bankruptcy Court for the Southern District of New York OK'd Madison Realty Capital to replace Raphael Toledano as the property manager of 15 East Village buildings while a deal to transfer the ownership is worked out, The Real Deal reports.

Madison, the lender on the properties and secured creditor, is negotiating a deal to acquire the deeds from Toledano’s Brookhill Properties. Sources close to both firms said they have signed a term sheet outlining a deal in which Madison would pay a sum of less than $10 million, which Toledano would use to pay off other creditors.

Last month, an affiliate of Toledano's Brookhill Properties filed Chapter 11 bankruptcy protection on the portfolio of multifamily walk-ups. In 2015, Toledano purchased 28 buildings from the Tabak family for a total of $140 million.

Madison has reportedly said that Toledano owes some $140 million, including $125 million in loans against the 15 properties, plus interest and attorneys’ fees.

Previously on EV Grieve:
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

Raphael Toledano tenants take to Midtown streets to speak out against their landlord and his lenders

Report: Raphael Toledano files for Chapter 11; $145 million deal for EV portfolio is off the table

On Tuesday, an affiliate of Raphael Toledano's Brookhill Properties filed Chapter 11 bankruptcy protection on a 15-building East Village portfolio, The Real Deal reports.

Meanwhile, the deal to sell the portfolio to Joseph Sutton, son of retail mogul Jeff Sutton, for some $145 million is also off.

All this has transpired about one month after Madison Realty Capital filed to foreclose on the package of multifamily walk-ups acquired by Toledano in 2015 from the Tabak family. (Toledano purchased 28 buildings in two separate portfolios from the Tabak family for a total of $140 million.)

Per The Real Deal:

Now that the deal with Sutton is no longer happening, Toledano is looking for other suitors, sources said.

The bankruptcy filing, submitted by Brookhill-controlled entity East Village Properties LLC, would buy Toledano more time to sell the buildings and avoid foreclosure.

Toledano and Sutton declined to comment. Sources familiar with the deal said that Sutton did not want to be associated with a deal tainted with a bankruptcy filing.

According to The Real Deal, the buildings in this portfolio are: 27 St. Mark's Place, 66 E. 7th St., 514 E. 12th St., 223 E. 5th St., 229 E. 5th St., 231 E. 5th St., 233 E. 5th St., 235 E. 5th St., 228 E. 6th St., 253 E. 10th St., 323-325 E. 12th St., 327 E. 12th St., 329 E. 12th St., 334 E. 9th St. and 510 E. 12th St.

The Brookhill Properties website previously showed that the company owned 21 buildings in the East Village.

As of last evening, the Brookhill Properties website was no longer online...



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'

Cleaning up 444 E. 13th St.

Report: State investigating East Village landlord Raphael Toledano

Health Department to inspect Raphael Toledano's East Village properties for toxic levels of lead dust

Image via the Brookhill website

Report: Raphael Toledano selling major EV portfolio; foreclosure proceedings underway

Raphael Toledano’s East Village empire continues to crumble. As The Real Deal reports, Toledano is selling a chunk of his properties to Joseph Sutton, son of retail mogul Jeff Sutton, for some $145 million.

This contract comes as Madison Realty Capital has moved to foreclose on one of Toledano's major portfolios.

Per The Real Deal:

Madison, according to documents filed in New York State Supreme Court late last week, claims Toledano, the founder of Brookhill Properties, owes the firm about $140 million, which includes $125 million in loans against 15 properties, plus interest and attorneys’ fees.

Sources close to Toledano said that after he defaulted last year, Madison waited months to initiate foreclosure proceedings, allowing time for him to find a buyer for the properties.

It's unclear just how many EV buildings Sutton is purchasing. (Toledano purchased 28 buildings in two separate portfolios from the Tabak family for a total of $140 million.)

The Brookhill Properties website previously showed that the company owned 21 buildings in the East Village. As if this morning it shows 18 properties. If this deal goes through, then the number will presumably be in the single digits.

Last September, he reportedly sold 221 E. 10th St. and 58 St. Mark’s Place. There was also a listing for 444 E. 13th St. (That address is no longer on the Cushman & Wakefield website.)

As market observers have told The Real Deal, Toledano was believed to be in way over his head.

Toledano has also been accused of a variety of predatory practices. In addition, 20 of his buildings were tested for toxic levels of dust.

Image via the Brookhill website

Report: Raphael Toledano sells 2 more of his East Village properties

[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

[Updated] Raphael Toledano is now funding the Creative Little Garden on 6th Street

Via the EVG inbox...

Raphael Toledano, President of Brookhill Properties, LLC, a premier New York based real estate investment company, is pleased to announce its funding and participation in the maintenance and upkeep of the Creative Little Garden, located at 530 E. 6th Street between Avenues A and B.

Since 1982, the Garden has been a sanctuary of peace for the neighborhood and is considered by East Villagers and New Yorker’s alike to be their “community backyard” garden. Members collaborate on the landscaping of the garden, but there are no plots tended by individual gardeners. By doing this, the space has been able to become the tranquil oasis that many recognize it is today.

“We are happy to be giving back to the community in a way that helps maintain a peaceful and safe space for so many East Village’s residents and visitors,” said Courtney Knopf, Executive Vice President at Brookhill Properties. “By contributing to the Creative Little Garden, Raphael Toledano and Brookhill Properties hope to promote a greater appreciation for the environment as well as a close and supportive community.”

The Creative Little Garden is funded solely by contributions and dues paid by their members. There are expenses necessary for the maintenance of the space, but there is no paid staff. The space operates under the jurisdiction of the NYC Parks Department with help specifically from the Greenthumb program and the NYC Council on the Environment.

In his short time as a landlord in the East Village, the 26-year-old Toledano has made headlines in media outlets citywide for alleged harassment and intimidation of tenants, for which he is reportedly under state investigation at 444 E. 13th St. Local elected officials have also blasted Toledano for unsafe living conditions after the the City’s Department of Health and Mental Hygiene found elevated lead levels in the common areas of three of his buildings.

Toledano is the latest controversial East Village landlord to announce programs intended to give back to the neighborhood. Back in the spring, Icon Realty donated empty retail spaces for Celebrity Catwalk to hold adoption and fundraising events and unveiled plans for public art at several of its properties.

Updated 7/17

Via the comments...

The Creative Little Garden said...
There definitely have been no donations in the past two months to the garden. The press release reported in this article was dated Tuesday last week, and I learned about it late last night. I've been hunting around the internet today, and have found seemingly old, but vague, claims that Toledano has donated to the garden in the past. If true, it was a terrible mistake. Toledano does not represent the values of the Creative Little Garden. Franciose's ashes are there, and she would shoot rose thorns at him.

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

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 Brookhill Properties

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

Report: Management company sues Raphael Toledano for backing out of $130 million loan

Ongoing concerns about demolition work and elevated lead levels in Toledano-owned buildings

Report: Raphael Toledano selling 6 of his East Village buildings

The Real Deal is reporting that controversial landlord Raphael Toledano is aiming to sell six East Village buildings less than a year after buying them.

Toledano, who has been accused of allegedly harassing his tenants and other predatory practices, bought a 16-building portfolio last September from the Tabak family for $97 million.

Per The Real Deal:

To acquire the portfolio, Toledano took out two mortgages from Madison Realty Capital totaling $124 million for the acquisition as well as planned renovations. The mortgages were an example of multiple financings that led experienced real estate players to describe Toledano as overleveraged.

The six walk-ups – which include 27 St. Mark’s Place and 66 E. Seventh St. – are expected to fetch north of $50 million, sources say. (The article doesn't list the other four buildings.)

No. 27 was home to The Sock Man before a rent hike forced him to close at this location. No. 66 was home to Barbara Feinman Millinery, which also had to relocate.

However, as The Real Deal notes, the landlord isn't giving up on the neighborhood:

Toledano is in the process of buying 11 East Village buildings for a combined $43 million — also from the Tabaks.

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

Report: Residents at 444 E. 13th St. will receive a $1 million settlement over claims of harassment by Raphael Toledano

[Photo from May 2015 by Stacie Joy]

Landlord Raphael Toledano has agreed to pay a little more than $1 million to settle claims that he harassed tenants at 444 E. 13th St., according to The Real Deal.

Last spring, rent-regulated tenants at 444 E. 13th St. between Avenue A and First Avenue accused Toledano, 26, and a management company he hired of harassment and intimidation. A staff attorney at the Urban Justice Center, who is representing the East 13th Street tenants, told reporters during a rally outside the building last May that "there are tape recorded conversations where the landlord is threatening to drop dynamite on the building and then let everyone 'figure it out themselves.'"

Jeffrey Goldman, an attorney for Toledano, denied the harassment claims at the time.

"I have not seen him engage in any behavior or conduct that would give rise to an investigation let alone a finding of harassment,” Goldman told the Daily News.

The settlement between Toledano and several rent-stabilized tenants at No. 444 was finalized May 6, per The Real Deal, who reports that the New York Attorney General’s office and the state Homes and Community Renewal’s tenant protection unit are continuing their joint investigation into the harassment claims.

Toledano bought the building for $6.1 million in January 2015. Later in 2015 he bought a 16-building parcel in the neighborhood.

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

Health Department to inspect Raphael Toledano's East Village properties for toxic levels of lead dust

[EVG file photo of 233-235 E. 5th St.]

Last month, we shared a letter that the Toledano Tenants Coalition wrote to elected officials about their ongoing concerns with the demolition taking place in properties run by Brookhill Properties and its founder and principal, Raphael Toledano.

To date, three of the buildings, 235 E. Fifth St., 233 E. Fifth St. and 514 E. 12th St., were said to have elevated lead levels in common areas, according to the City’s Department of Health and Mental Hygiene (DOHMH).

On Friday, the elected officials — led by State Sen. Brad Hoylman and Manhattan Borough President Gale Brewer — blasted Toledano for unsafe living conditions, including prolonged exposure to lead dust.

"I’ve heard from scores of constituents about the harassment they’ve endured in Toledano buildings. And now we’ve learned their health is at risk, too, because of dangerously high levels of lead dust," Hoylman said in a statement. "The situation is outrageous and unacceptable. Mr. Toledano needs to remedy this immediately."

In response, the DOHMH has promised to inspect all of Toledano-owned buildings for possible lead dust contamination. (He closed on a 16-building portfolio in the neighborhood last fall.)

Construction-related issues aside, tenants continue to report feeling harassed by Brookhill.

"Many long-term residents of rent-regulated apartments have been served with frivolous legal actions that require them to hire lawyers even though it has been clear that the actions would not make it to court," said Nina d'Alessandro, a resident of 231 E. Fifth St. "Then they have been approached with low buyout offers. We have tried to meet with Mr. Toledano to express our concerns and request that our rights to health and homes be safeguarded, only to be evaded and met with more intimidation."

The letters from the elected officials to Toledano and the Health Department are below. The letters were signed by Hoylman and Brewer; Assembly Members Deborah Glick, Richard N. Gottfried and Brian Kavanagh; and Council Members Corey Johnson and Rosie Mendez. Congresswoman Carolyn Maloney signed the letter to DOHMH.

A spokesperson for Brookhill told the Daily News that any health and safety issues brought to its attention will be immediately remedied.





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

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

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

Report: Management company sues Raphael Toledano for backing out of $130 million loan

Ongoing concerns about demolition work and elevated lead levels in Toledano-owned buildings

Ongoing concerns about demolition work and elevated lead levels in Toledano-owned buildings

[Image from April 12 via the Toledano Tenants Coalition]

We received the following letter on Friday (other recipients include Manhattan Borough President Gale Brewer, State Sen. Brad Hoylman and City Council member Rosie Mendez)....

To: Raphael Toledano and Brookhill Properties
From: Toledano Tenants Coalition
Date: 4/20/16

The Toledano Tenants Coalition is gravely concerned about demolition taking place at buildings owned by you, or entities controlled by you.

The NYC Department of Health and Mental Hygiene (DOHMH) has placed violations for elevated levels of lead dust in several of your buildings, causing the Coalition concern for tenant safety during ongoing demolition. Specifically, the NYC Department of Health and Mental Hygiene (DOHMH) found that samples taken at three buildings you own contain elevated lead levels ranging from 1.5 to 16 times acceptable levels.

The three buildings, 235 East 5th Street, 233 East 5th Street, and 514 East 12th Street, were found to have elevated lead levels in common areas. Two of these buildings are home to children under six years old. Elevated lead levels can be hazardous to anyone, and can cause physical and developmental disabilities in children under six years old.

When you, or entities controlled by you, do demolition work that poses a potential risk of lead exposure to tenants, we demand that:

• A proper lead mitigation plan that utilizes an EPA-certified abatement contractor is put in place;
• Local Law 1, the New York City Childhood Lead Poisoning Prevention Act of 2004, is followed.

In addition, we demand you take the following precautions to protect tenants:

• Notify building residents two days in advance of demolition work.
• Post warning signs outside work areas while work’s in progress.
• Clean, clear, and seal off work areas.
• HEPA-vacuum before doing work.
• Cover/seal ALL windows, floors, vents and doorways with plastic and waterproof tape.
• HEPA-vacuum and wet-mop work areas after each day's work.
• Store work materials in sealed containers, or remove them from premises after each day’s work.
• Carefully discard debris, and ensure that no dust or debris is tracked out of work areas.
• Spray plastic barriers with water mist, and safely remove them; fold and seal plastic in plastic bags.

Tenants have been advised that if they don’t believe you’re complying with the law, including the legally mandated demands outlined above, they should call 311, and report your activities to the relevant city agencies, including DOB, HPD, DEP, and DOHMH.

In closing, please don’t use demolition/renovation as a ploy to begin buyout discussions with tenants.

Sincerely,
The Toledano Tenants Coalition

On April 12, several members of the Toledano Tenants Coalition and other activists gathered in front of the Brookhill offices at 298 Fifth Ave. "to fight against eviction efforts and other problems at their buildings," as The Villager reports in its current issue.

A Brookhill spokesperson told The Villager that they dispatched "a professional remediation crew [that] quickly rectified the situation and brought the property into full compliance" upon receiving a notice from the Department of Health.

"We continue with constant monitoring of the property to ensure the health and safety of all of our tenants, which is our primary concern," the spokesperson told The Villager.

However, Coalition members said that the work continues unabated.

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

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

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

Report: Management company sues Raphael Toledano for backing out of $130 million loan

The Villager looks at landlord Raphael Toledano's criminal past

In compiling nearly a 20-building portfolio in the East Village, 25-year-old landlord Raphael Toledano has been accused of allegedly harassing his tenants, and other misdeeds, according to several published reports and a letter from the Toledano Tenants Coalition.

Now tenants are learning about Toledano's criminal past in an article published this week at The Villager. According to the paper, "he was convicted of aggravated assault and causing bodily injury less than four years ago, and once was charged with trying to swindle a bank out of hundreds of dollars, according to New Jersey court records and police reports."

Specifically:

In a 2012 confrontation that landed two teenagers in the hospital, Toledano allegedly beat the two youths with what police reports alternatively describe as a “crowbar,” “a branch” and “a metal or wood object approximately two and a half feet long.”

And in a separate case three years earlier, Toledano was charged with defrauding TD Bank of $500 in a scheme involving multiple withdrawals from three different banks.

A spokesperson for Toledano and his company, Brookhill Properties, dismissed this disclosure as "character assassination," noting that the incidents "have absolutely nothing to do with Brookhill Properties or the company's conduct as a landlord."

Happy holidays from Raphael Toledano and Brookhill Properties

The gift-giving by Raphael Toledano's Brookhill Properties continues this holiday season.

After closing on a 16-building East Village portfolio back in the fall, residents received a box of chocolates as a welcome from their new landlord.

Some tenants in these newly acquired buildings have accused Toledano and his associates of predatory practices in various published reports (The New York Times, Daily News, The Villager and DNAinfo) and at least one lawsuit.

Previously, rent-regulated tenants at the Toledano-owned 444 E. 13th St. received wine and fruit baskets back in May after the continued lack of basic building services. (This group of tenants filed a lawsuit against the property management.)

And more recently, Toledano tenants received another gift ...



... $20 gift cards to Ninth Street Espresso.

One tenant described the reaction to the gift from his fellow building tenants, many of whom are not having their leases renewed and facing eviction, as "surprised confusion."

Another Toledano tenant had the following response:

Thank you for your kind holiday greetings, and for your thoughtful gift card supporting our neighbors.

If you truly want to make good on your generous wishes for my peace and happiness in the new year, please consider dropping your case against me and renewing my lease.

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

Brookhill Properties launches chocolate offensive

Raphael Toledano's Brookhill Properties recently closed on a 16-building East Village portfolio.

An EVG reader who lives at one of the properties, 327 E. E. 12th St., passed along the welcome package that the Brookhill Property management team left yesterday for residents — a small box of chocolates… which accompanied a fairly innocuous letter about the change in ownership.

The letter points out that "We pride ourselves on our tenant relations department and will go to all lengths to make sure that you are satisfied with our services."

Beleaguered rent-regulated tenants at the Toledano-owned 444 E. 13th St. received wine and fruit baskets back in May after the continued lack of basic building services. Earlier in May, residents at No. 444 filed a lawsuit against Toledano and the management company, Goldmark Property Management, for "deplorable conditions" as well as for alleged ongoing threats and harassment. (Toledano later reportedly fired Goldmark Property Management after news of the lawsuit broke.)

In August, state officials served subpoenas on Goldmark Property Managmenet, investigating whether the company threatened tenants with police raids, prostitution stings, evictions and the shut off of essential service, according to The Real Deal.

According to an article on 444. E. 13th St. that City Limits published last Thursday, there were 244 open violations of the city's housing maintenance code for hazards such as cracks in the walls and ceilings and infestations of cockroaches, mice, and bedbugs at one point in June. Since then, City Limits reports that the number of open violations at the East 13th Street building has been reduced to 84.

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

Report: Raphael Toledano secures $124 million loan for 16-building East Village portfolio

Raphael Toledano's Brookhill Properties secured a $124 million loan for his purchase of a 16-building East Village portfolio, the Commercial Observer reported yesterday.

New York-based real estate investment firm Madison Realty Capital provided the loan for Brookhill, who closed on the $97 million deal with the Tabak family earlier this month.

These are the 16 properties, as previously reported:

• 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

Per the Commercial Observer:

Through the repositioning, Brookhill plans to upgrade the common areas in the buildings and renovate the residential units to maximize their square footage.

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

Photo of 253 E. 10th St. and 27 St. Mark’s Place via The Real Deal