TRD Special Report:On the day before Thanksgiving, Yoel Goldman phoned one of his go-to lenders with a short-fuse request.
The Brooklyn developer, who heads All Year Management, wanted to score a construction loan for his Albee Square project by Monday, which gave him just one business day to make it happen.
The lender, Gary Katz of Downtown Capital Partners, reminded him of Thanksgiving. But Goldman, who is from the Satmar sect of the Hasidic branch of ultra-Orthodox Judaism, countered: “So you can’t work Thanksgiving tomorrow, but you still have all of today, Friday and Sunday.’”
Katz tried an analogy. Wednesday, he told Goldman, is Erev Yontiff – “evening before the holy day” in Yiddish – and Friday is Chol HaMoed – a weekday between two holy days. For most Hasidic Jews, Chol HaMoed is an occasion for family and Talmud study, not dealmaking.
Goldman got that, and held off. Property records show he ultimately received a $25 million mortgage from Downtown Capital and RWN Real Estate Partners – on Christmas Eve. Click here for an in-depth look at how Hasidic real estate investors operate.
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