Now the building, which has a complicated recent history (there was a lawsuit in 2014 involving Toledano and another broker), is involved in more legal drama.
The Commercial Observer breaks it down:
Landlord Raphael Toledano is seeking Chapter 11 bankruptcy protection for an East Village walk-up building, which he says Delshah Capital’s Michael Shah has “commandeered,” according to a filing in the United States Bankruptcy Court for the Eastern District of New York...
And...
On July 21, Delshah Capital announced the “acquisition of a defaulted note encumbering the property” at 97 Second Avenue. Delshah said in a news release that day, “Shortly after acquiring the defaulted senior note, Delshah worked directly with the building’s now former owner to enable them to recoup their capital and to take possession of the property at 30 percent below market value.”
Public records show that Toledano paid $4.95 million for it in April 2014. Toledano said in the bankruptcy protection filing that the property is valued at $15.1 million, per the Commercial Observer.
Previously on EV Grieve:
Raphael Toledano-owned 97 2nd Ave. is on the auction block