All Year goes after Yoel Goldman’s syndicator

Landlord allegedly struck deal with his yeshiva friend as bankruptcy neared

All Year goes after Yoel Goldman’s syndicator
41-21 28 Street in Long Island City and 436 Albee Square in Brooklyn (Google Maps, Getty)

Yoel Goldman’s former company is scrutinizing deals that the former mega-landlord made with his friends as the firm neared bankruptcy. 

A wind-down company for All Year Holdings filed a complaint against Yoel Silberstein, who allegedly syndicated a few of Goldman’s deals. The suit was filed as part of All Year’s bankruptcy proceedings.

The dispute sheds light on how Goldman, once one of Brooklyn’s largest landlords, cut deals in his insular community where transactions are often hashed out over dining tables instead of law offices. 

The lawsuit alleges that All Year, then led by Goldman, provided Silberstein a $3.35 million loan in 2018. The loan matured a year later, accruing interest of 16 percent, but Silberstein never paid. 

Goldman instead signed a hand-written agreement in Hebrew in October 2020, absolving Silberstein of the debt. Under the agreement, Goldman had owed Silberstein money for syndicating deals, including “436 Albee,” “41-21 28 Street LIC,” and “North Flats.” 

Silberstein was also owed money for resolving a dispute between Goldman, and Heritage Equities’ Toby Moskovits and Michael Lichtenstein, according to a translation of the agreement. It claimed Silberstein spent hundreds of hours resolving these disputes.

Sign Up for the undefined Newsletter

Goldman signed the document on behalf of himself and All Year Holdings.

But restructuring officers who have taken control of All Year allege that Goldman had no right not to settle on behalf of the firm. The agreement was also never disclosed to the company’s Israeli bondholders. 

Goldman and Silberstein met in yeshiva in 1997 and remained close friends. They saw each other every day, attended the same synagogue, got married around the same time, and became next door neighbors, according to the lawsuit. In 2005, their personal relationship turned into a professional one. Goldman and Silberstein both worked in real estate and exchanged large sums of money between each other with no records or document trail. 

Around October 2020, Goldman allegedly knew All Year was about to default on its bond payments, and wanted to ensure All Year’s new managers would not force Silberstein to repay the loan. The lawsuit alleges Goldman manufactured the agreement with Silberstein so he’d never have to repay the debt.

All Year filed for bankruptcy in 2021 with $1.6 billion in debt. The company has sold off most of its assets with the exception of the William Vale Hotel in Williamsburg. There is a tentative deal to sell the hotel to EOS Investors. Goldman is attempting to make a comeback and has sought to buy a few small properties in Brooklyn.

Read more

William Vale Hotel Draws $177M Bid From EOS Investors
New York
Stalking-horse bidder emerges for William Vale
(Photo Illustration by The Real Deal with Getty)
New York
Yoel Goldman is back in the game. Sort of