Thursday, December 17, 2020
Thursday's parting shots
Sanitation worker spares snowman's life on 7th Street!
I watched the snow plow head down the block and fully expected it to wipe out the snowman and was prepared to witness its death. To my surprise, the plow swerved out of the way and you can hear the sanitation worker shout, "Gotta save the snowman, y'know!"
Watch for yourself...
Grant Shaffer's NY See
Here's the latest NY See panel, East Village-based illustrator Grant Shaffer's observational sketch diary of things that he sees and hears around the neighborhood and NYC...
2 scenes from Winter Storm Gail in black and white
The snowpeople of 7th Street
A post-storm look at East Village curbside dining
In a snow alert situation, restaurants are required to secure their furniture, remove electric heaters from the road, and remove overhead coverings, if possible. Restaurants don’t, however, need to remove any structures or barriers this time around.It's possible that restaurants will be able to resume roadside dining this evening at the earliest.
... and even some of the less-sturdy-looking structures along St. Mark's Place between Second Avenue and Third Avenue seemed to fare OK... The next question is whether NYC bars-restaurants will be able to survive winter with a ban on indoor dining, reluctance on behalf of patrons to eat outside in cold weather and other ever-changing restrictions that will make staying open extremely difficult, owners and operators have said.
11 p.m. in the East Village, and scenes from Winter Storm Gail
Report of a small fire inside the empty P.S. 64 building on 9th Street
Wednesday, December 16, 2020
Updated: It's still snowing
And we're off...
Gallery Watch: In the Woods by Sally Saul at Rachel Uffner Gallery
NY AG: Madison Realty Capital to pay more than $1 million for victims of fraud and tenant harassment
"Today's agreement stands up for all the tenants harassed and pushed out of their homes by a fraudulent landlord and the lender that financed his unlawful operation," James said in a statement. "Madison Realty Capital aided one of our city's worst landlords in his unlawful scheme, but we're holding the company to account and delivering real relief to the many victims through rent credits and housing placement."
Here's more of the background and current narrative via the AG's office:
With the financial backing of Madison Realty Capital, Toledano harassed tenants through coercive buyouts; executed illegal construction practices; and failed to provide tenants with utilities, repairs, and other necessary services.
Even with this track record, in 2015, Madison Realty loaned Toledano over $100 million to purchase a 15-building portfolio in the East Village, despite his limited experience in managing a portfolio of this size, evidence of prior tenant harassment, and plans to continue to vacate rent-stabilized tenants and renovate units in violation of law.
Attorney General James’ investigation found that Madison Realty Capital knew or should have known of Toledano’s history, that the proposed conversions were unlawful, and that the aggressive schedule for buyouts and renovations was likely to result in tenant harassment.
As a result of the loan that allowed Toledano to take over management of the East Village Properties, Toledano did exactly that — harassing hundreds of tenants, engaging in dangerous construction practices, and failing to provide basic services. In March 2017, the East Village properties filed for bankruptcy.
Under the terms of this agreement — which also resolves claims filed against Toledano’s former business entities in New York bankruptcy court — Madison Realty Capital must now take ownership of the 15 buildings in the East Village portfolio subject to $1.05 million in rent credits.
These rent credits will be shared among the remaining tenants who suffered through Toledano’s mismanagement of these properties. The owners of the buildings will also ensure placement of 10 formerly-homeless families and will adhere to tenant health and safety protections during construction there.
Under the settlement agreement with the AG's office, Madison wasn't required to admit wrongdoing.
In previous years, Toledano purchased 28 buildings in two separate portfolios from the Tabak family for a total of $140 million. Experienced real-estate players raised red flags about Toledano's heavy reliance on debt.
In an interview with The Real Deal in June 2016, Toledano, then 26, made "frat-tastic boasts about his wealth," including: "I’m worth a fuckload of money, bro."
Previously on EV Grieve:
• Tenants call out Madison Realty Capital: Stop warehousing rent-regulated apartments
• Report: Raphael Toledano files for Chapter 11; $145 million deal for EV portfolio is off the table