Madison Realty takes title to former bankrupt East Village Toledano portfolio, debts valued at $153M

Madison Realty Capital through the entity EVP 27 St Marks Place LLC (and others) took title from GC Realty Advisors as owner of the former Raphael Toledano of the 15-building portfolio with 279 units, including at 27 St Marks Place in East Village, Manhattan.
The deal closed on April 23, 2021 and was recorded on May 12, 2021. The buildings had a transfer valuation of $153 million, but in a bankruptcy that is the value of the prior loans, not an estimation of the current market value, which may be far lower.
The acquisition also included a $70 million loan from Signature Bank, covered here.

The signatory for GC Realty Advisors was David Goldwasser.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $143,000.

Madison Realty Capital formally took title to a portfolio once owed by Raphael Toledano and his Brookhill Properties. Toledado bought the portfolio at the peak of the market in 2015 and funded it with a $124 million loan from Madison Realty Capital. Then in 2017, Toledano turned over control to GC Realty Advisors, which placed the holdings in bankruptcy.

PincusCo reported in February 2021 on the bankruptcy agreement to transfer title with an approximately $150 million loan valuation.
The former owners and manager according to the Department of Housing Preservation and Development included David Goldwasser, head officer and Julia Rodriguez, agent. The business entities were Silverstone Property Group, Llc and 27 Saint Marks Place Llc.

Direct link to Acris document. link