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All Year settles with partner in Prospect Heights deed dispute
Apartment portfolio to be sold to 3rd party; embattled development firm will get a third of proceeds
New York /
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A selection of the properties, from left: 1020 Pacific Street, 818 Bergen Street, 483 St. Marks Avenue and 634 Classon Avenue (Google Maps, Kings County Supreme Court/Illustration by Alexis Manrodt for The Real Deal)
Embattled development firm All Year Holdings has one less lawsuit to worry about, at least.
William Vale Hotel in Rent Fight with Yoel Goldman, Zelig Weiss therealdeal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from therealdeal.com Daily Mail and Mail on Sunday newspapers.
(Getty images)
About a decade ago, the Israeli bond market emerged as an attractive source of capital for U.S. real estate companies at a time when traditional sources of financing proved somewhat scarce.
For U.S. firms, a corporate bond issuance in Israel provided the ability to raise debt without saddling a building with a mortgage, and at favorable interest rates compared to those available closer to home. For Israeli institutions with limited domestic investment opportunities, the bonds provided attractive returns.
But the easy access to financing at low rates has also had a downside, as firms like Starwood Capital Group, Brookland Capital and Canada-based Urbancorp took on more than they could handle and defaulted on their debt.
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ISA opens probe into Yoel Goldman s All Year Holdings
US company All Year Holdings raised over NIS 2 billion from Israeli investors, who have presented the debt for immediate repayment.
The Israel Securities Authority (ISA) has opened an investigation into US company All Year Holdings Ltd. (TASE: ALYR), which has bonds traded on the Tel Aviv Stock Exchange. The company deals in income producing real estate in New York, and is owned by Yoel Goldman, who is based in New York. The company raised over NIS 2 billion from Israeli investors, and it has encountered difficulties in making payments due to the bondholders.