Brooklyn property developer Yoel Goldman’s All Year Holdings Ltd. filed for bankruptcy Tuesday to protect itself from potential litigation in the U.S. and Israel while continuing negotiations with creditors over $1.56 billion in debt, WSJ Pro Bankruptcy reported. All Year has been in restructuring talks with bondholders since April and looking for investors to either recapitalize or outright buy its property business, according to papers filed in the U.S. Bankruptcy Court in Manhattan. Chief restructuring officer Assaf Ravid said in the papers that All Year has struggled to meet debt obligations tied to the 1,648 residential and 69 commercial units it owns in the Bushwick, Williamsburg and Bedford-Stuyvesant neighborhoods in Brooklyn. New York City’s housing market crashed during the COVID-19 pandemic but has since rebounded, fueled by residents trading up and out-of-staters moving in. Even so, All Year’s revenues aren’t expected to grow enough to satisfy its roughly $800 million in bonds governed by Israeli law and $760 million in mortgage loans, Mr. Ravid said. All Year already lost a prized luxury property in Brooklyn this year to bankruptcy.
