From left: Hutton Capital’s Ron Friedman, BridgeCity’s Allan Lebovits, Toby Moskovits, and Heritage Partners’ Michael Lichtenstein along with 225-227 Grand Street in Brooklyn (Getty, Google Maps, Hutton Capital, BridgeCity, Heritage Partners)
The apartment and retail building at 225-227 Grand Street in Williamsburg cemented Toby Moskovits’ rise as a Brooklyn developer. Now it could represent her fall.
The 41-unit property has been sold at a bankruptcy auction to the sole bidder: its mezzanine lender, an entity that includes Hutton Capital’s Ron Friedman, Rosewood Realty’s Aaron Jungreis and BridgeCity Capital’s Allan Lebovits.
It’s the latest sign of trouble for Moskovits and business partner Michael Lichtenstein, who lost control of the nearby Williamsburg Hotel to a trustee in June as part of a separate bankruptcy.
The saga of 227 Grand Street involves some of the biggest players in Brooklyn real estate.
A decade ago, Moskovits’ firm tapped prolific architect Karl Fisher to design the building, whose oversized black windows, red brick facade and expansive rooftop symbolized Williamsburg’s cool industrial aesthetic at a time when the neighborhood was still evolving into a haven for well-to-do millennials.
In 2011, Moskovits turned to up and coming Brooklyn landlord Yoel Goldman to invest in the project,