Avery Hall Investments has acquired a development site in Crown Heights, Brooklyn, where developer Yoel Goldman had previously planned to build a hotel. The property at 1550 Bedford Avenue was purchased for $10.1 million after being placed into bankruptcy earlier this year. Goldman had valued the site at $14 million.
Financing for the acquisition was provided by Maxim Capital, according to Avery Hall principal Brian Ezra. Ezra stated that the firm is considering “multiple uses” for the property. An Avison Young team—Charles Kingsley, Erik Edeen, and Patrick Madigan—represented both Goldman and lender Downtown Capital Partners in the transaction.
This sale is part of a broader unwinding of Goldman’s real estate holdings in Brooklyn. His company, All Year Holdings, grew to be worth over a billion dollars before it collapsed due to debt, liens, and lawsuits. Bankruptcy officers took control of All Year Holdings in 2022 and began selling off its assets.
The Bedford Avenue site was not owned by All Year Holdings but was one of Goldman’s personal properties. He bought it in 2014 for $7 million and started construction on what was intended to be a 100-key hotel designed by ODA Architects. According to bankruptcy filings, work stopped when the pandemic led to funding shortages and mounting mechanic’s liens totaling more than $1.4 million.
Court documents show that Goldman owed Downtown Capital Partners about $45 million on the project after default interest increased significantly from an original $10 million loan. Instead of foreclosing on the property, lender Gary Katz allowed Goldman to place it into bankruptcy so unsecured creditors could recover some funds.
Katz noted that expectations were for the property to sell between $13 million and $15 million; however, court filings indicate Avery Hall was the only bidder for the site. The parcel is zoned for commercial use with existing approval for hotel development.
Meanwhile, those managing All Year’s restructuring are investigating alleged informal agreements between Goldman and associates such as his neighbor Yoel Silberstein. Facing questions regarding these deals, Goldman has repeatedly invoked his Fifth Amendment rights.
A lawyer representing Goldman did not respond immediately when asked for comment.
