Raphael Toledano is looking to unload 13 of his buildings in the East Village, sources told The Real Deal.
Rosewood Realty Group’s Aaron Jungreis, Toledano’s uncle, has been shopping the properties, which comprise a combined 206 apartments and 12 retail spaces. Toledano wants $160 million for the portfolio, a number sources said was ambitious.
Toledano’s Brookhill Properties acquired the 13 buildings through two separate large multifamily deals with the Tabak family last year. In all, he paid $140 million to acquire 28 buildings.
The properties for sale, which come from both portfolios, are located at 514 and 510 East 12th Street, 251 and 253 East 10th Street, 332 and 334 East 9th Street, 27 St. Mark’s Place, 66 East 7th Street and 223, 229, 231, 233 and 235 East 5th Street. The total square footage of the properties was not immediately clear. Records show Toledano paid a combined $76 million for the 13 buildings he’s shopping.
The 26-year-old from Lakewood, New Jersey has been one of the most active — and controversial — players in the East Village over the past 18 months. As of TRD‘s last tally in June, he owned more than 400 units.
But his critics have pointed to his heavy reliance on debt, saying he might be over-leveraged, and it could be the reason he’s looking to unload the 13 buildings for such a high multiple.
Brookhill nabbed a $124 million loan from Midtown-based Madison Realty Capital to finance the purchase of the larger of the two Tabak portfolios last year.