BROOKLYN (VINnews) — Renowned property developer Yoel Goldman’s real estate firm has become the latest victim of the Covid pandemic, and more specifically, the crushing government response.
Join our WhatsApp groupSubscribe to our Daily Roundup Email
All Year Holdings Ltd., a powerful development firm, has filed for bankruptcy, largely because it was not allowed to collect rent from hundreds of tenants, as a result of government rules which have been extremely tough on landlords.
CEO Assaf Ravid said, “Like many real estate businesses, the parent debtor struggled to service its significant debt burden as its revenues, derived primarily from residential and commercial rental income streams, were adversely impacted by the ongoing COVID-19 pandemic.”
The Brooklyn based company filed for Chapter 11 protection on Tuesday. It has struggled to generate revenue, and despite much effort, was not able to restructure its hefty $1.56 billion debt.
The company said it is close to a deal in which a third party would buy its equity. However Israeli creditors were threatening to take immediate action, which made the bankruptcy filing necessary to avoid irreparable damage.
The company owns 1,648 residential units and 69 commercial units in Brooklyn worth over $1 billion. It has $800 million in bond debt and $760 million in property-level mortgage debt. Its most valuable asset is the William Vale Hotel in Williamsburg.
I honestly can’t believe some responses.
A Frum Yid is suffering, and that’s your response?
Please have a heart!!!
Add this to the Biden economy. And mr vote gopq aka the helge rebbe is dead, this is thanks for crazy NY libs. Some chutzpah these tenants have to get stimulus yet not pay rent. If you got money that’s why you got it. Instead you use it on Bitcoin game stop and Robinhood? This is what the stimulus is for?
We hate NY.
Nebach. I feel for him. This is what happens when people that never owned a business get voted into office and make policy That is anti-business and bad for the economy.
Why don’t they ask DeBLASTio to bail them out…
its all debt
“it was not allowed to collect rent from hundreds of tenants”
Why didn’t they apply for the COVID rent relief program — $2.4 billion in New York State alone?
This is
Gam zu letova
It seems real estate companies are always on the edge. That is why I never paid much attention to President Trump’s shenanigans lying on his taxes and to his banks. I sort of expect that from people in this line of business. In the same way, I do not hold a bankruptcy of one of these companies is not necessarily a sign of anything but bad luck.
He’s doing what Trump did numerous times
Make a gofundme page and open a mosed.