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