Is the multifamily feud over? On the eve of closing on a $97 million portfolio deal he had allegedly cut Aaron Jungreis out of, Raphael Toledano reached a settlement with the Rosewood Realty Group chief, who happens to be his uncle, according to court documents filed Thursday.
The New York State Supreme Court dismissed the case and the lis pendens on the 16 East Village rental properties that Toledano’s Brookhill Properties was then in contract to purchase, records show.
Late last month, Jungreis, a top multifamily broker, sued his nephew, claiming he was pushed out of a joint venture to buy the portfolio, which included 301 apartments and 15 retail units. Several LLCs affiliated with the Tabak family, the seller of the portfolio, had also been named in the suit.
Following the case’s dismissal, Toledano, a broker turned multifamily investor, closed on the deal.
“I am glad that we were able to amicably settle with Mr. Jungreis and continue focusing on what matters – serving our tenants … while continuing to better the community,” Toledano told The Real Deal.
Jungreis declined to comment.