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All Year To Sell 1,600-Unit Brooklyn Portfolio For $60M As It Seeks Exit From Bankruptcy

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A bankrupt Brooklyn real estate firm has reached a deal to sell its assets — which include more than 1,600 apartments — and restructure its debts to exit bankruptcy.

Yoel Goldman’s All Year Holdings finalized a deal this month that will see more than 100 assets in New York's most populous borough taken over by Graph Group and Rubin Schron’s Cammeby’s International. Cammeby's and Graph have agreed to pay All Year $60M — $40M in cash and $20M in promissory notes — to take over all of the equity in the company, All Year's attorney told a bankruptcy judge.

The buyers have agreed to take on all unsecured debt against All Year. The portfolio is worth around $1.2B, Crain’s New York Business reports, while its debt was at around $1.6B — including $800M in Israeli bonds. All Year filed for Chapter 11 bankruptcy in December, but it began missing payments to bondholders in 2019, The Real Deal reported. 

The firm owns the William Vale Hotel, which is not part of the deal, and 1,648 residential units and 69 commercial units in Brooklyn, The Real Deal reports.

Meridian Capital Group, which All Year engaged as its finance broker last year, found 40 possible bidders with the “financial capabilities to sponsor an exit transaction” and had more than 100 Zoom and phone meetings with possible buyers, according to a letter All Year's attorney wrote to Martin Glenn, the presiding judge of the U.S. Bankruptcy Court of the Southern District of New York.

In December, All Year sold its apartment complex in Bushwick, known as the Denizen, to Atlas Capital Group for $506M — marking the largest single asset multifamily transaction in the country since 2018.

Cammeby’s is one of the city's largest multifamily landlords and was named in a lawsuit filed by two survivors of the Bronx fire that tore through 333 East 181st St. in January. Schron's firm didn't own the building at the time of the fire, having sold it in 2020. Graph is an investment firm led by Avi Philipson, a healthcare executive.

Graph and Cammeby's joint venture, dubbed Paragraph Partners, is affiliated with Taz Partners LLC, one of All Year's lenders that has an outstanding $37.9M claim against Goldman's firm, All Year's attorney, Gary Holtzer, wrote in the letter, which lays out a timeline that would see the company exit bankruptcy in September.