Lender alleges default for 11 Brooklyn loans totaling $25.5M at one-time All Year rentals

The trustee for 11 loans totaling $25.5 million that are secured by Brooklyn rental buildings that Yoel Goldman of All Year Management acquired, alleges they are in default and filed 11 pre-foreclosure actions in Brooklyn State Supreme Court for each of them last week. The loans range from $980,000 to $3.33 million, and most of the properties are less than 10 units.
The trustee, U.S. Bank, filed the loans on behalf of the securitized trust Series 2017-SB37.

Court filings represent the position of one party and are not necessarily accurate or complete. All of the complaints list Yoel Goldman as a defendant, and some also mention Israel David Friedman. In some cases the original guarantor is no longer guarantor, despite being identified as such in court filings.

The properties are 145 Driggs Avenue, 136 Kingsland Avenue, 163 Troutman Street, 165 Central Avenue, 189 Menahan Street, 191 Troutman Street, 132A Stanhope Street, 679-681 Classon Avenue, 1136 Willoughby Avenue, 1358 DeKalb Avenue and 54 Lewis Avenue.

Case LINK

According to the complaint for one property, 145 Driggs Avenue, “Defendants Yoel Goldman and Israel David Friedman… executed that certain Guaranty dated May 9, 2017…”any and all remaining unpaid principal of and interest on the Note shall be due and payable in full on June 1, 2037 … Borrower is in default under the Loan Documents for, among other things, its failure to make timely monthly payments under the Loan Documents. Borrower has been in default since at least February 1, 2024… one or more members of Borrower transferred their interests in Borrower to Defendant Paragraph Partners, LLC and such action constitutes an Event of Default.” U.S. Bank is trustee of Series 2017-SB37. Greystone & Co. originated the loan, assigned it to Freddie Mac which bundled it into a securitized trust, Series 2017-SB37.

The property

The walkup building with 8 residential units in Greenpoint has 6,000 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 25 feet and is 93 feet deep with a total lot size of 2,338 square feet. The zoning is R6B which allows for up to 2 times floor area ratio (FAR) for residential with inclusionary housing. The city-designated market value for the property in 2022 is $2.3 million.

Prior sales and revenue

This property was sold with 75 other properties by All Year Management for 0.0 to David Werner Real Estate Investments on March 5, 2020.

The 6,000-square-foot property generated revenue of $147,120 or $25 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

According to city public data, the property has received 50 housing violations and one housing litigation in the last year.

The neighborhood

In Greenpoint, The bulk, or 29 percent of the 23.8 million square feet of commercial built space are walkup buildings, with industrial buildings next occupying 26 percent of the space. In sales, Greenpoint has near average sales volume among other neighborhoods with $666.6 million in sales volume in the last two years and is the 5th highest in Brooklyn. For development, Greenpoint has near average amount of major developments among other neighborhoods and is the 7th highest in Brooklyn. It had 1.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 7 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 19 of the 22 commercial properties representing 88,165 square feet of the 101,939 square feet. The largest owner is Andrew Stefanski, followed by Malgorzata Jablonowska and then Zbigniew Wolski. There are no active new building construction projects on this tax block.

The owner

The PincusCo database currently indicates that Graph Group owned at least 80 commercial properties with 641 residential units in New York City with 578,641 square feet and a city-determined market value of $118 million. (Market value is typically about 50% of actual value.) The portfolio has $74.6 million in debt, borrowed from Series 2018-SB46. Within the portfolio, the bulk, or 71 percent of the 578,641 square feet of built space are walkup properties, with elevator properties next occupying 11 percent of the space. The bulk, or 98 percent of the built space, is in Brooklyn, with Queens next at 2 percent of the space.

The owner according to the Department of Housing Preservation and Development is Mordechai Katz, head officer. The business entity is 145 Driggs Llc.

Direct link to the property’s ACRIS page and link to DOB NOW portal.