All Year falls behind on $118M mortgage

Financial woes pile up as internal auditor resigns

New York /
Dec.December 10, 2020 12:42 PM
Brooklyn developer All Year Management has fallen behind on a $118 million mortgage on "non-material properties." (iStock)

Brooklyn developer All Year Management has fallen behind on a $118 million mortgage on “non-material properties.” (iStock)

All Year Management’s financial woes continue to pile up.

After missing a payment on its Israeli bonds late last month, the Brooklyn developer is now delinquent on a $118 million mortgage, according to a disclosure filed Wednesday with the Tel Aviv Stock Exchange.

The collateral for the mortgage, which is identified only as “a number of non-material properties,” has seen rent collections fall while occupancy has dropped to 78 percent, according to the filing. Yoel Goldman’s firm values the properties at $172.5 million, and the company is behind on $892,000 worth of interest and principal payments, mainly for November.

Further complicating matters, All Year disclosed on Wednesday that internal auditor Ravit Shtrozer has resigned from her role at the company.

Reasons cited for the resignation include failure to schedule a discussion of internal audit reports, lack of response to an audit report sent to management in November and non-payment for audit work done in 2020. Shtrozer had held the position of internal auditor at All Year since 2015, according to the filing.

A representative for All Year did not respond to a request for comment.

The mortgage on “non-material” properties is the latest in a series of financial obligations All Year has failed to meet in recent weeks. The firm previously disclosed that it was delinquent on a $65 million mezzanine loan for phase two of the Denizen Bushwick rental complex, as well as a $35 million preferred equity investment for a Gowanus development site on Smith Street.

The lender on the Denizen mezzanine loan, an affiliate of Mack Real Estate Group, is now seeking to foreclose on its interest in the property.





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