Keith Larsen

Bankrupt camp operator is selling Camp Achim in the Catskills as it begins process of selling real estate to pay $344M owed to creditors

Zaslav's Grandview Ventures reached a deal with Simad Holdings to provide the stalking horse bid for Camp Mohawk in Westchester County. Camp Mohawk's parent company Simad Holdings filed for bankruptcy in June after it defaulted on payments to its Israeli bondholders.

Construction delays at MetroLoft's conversion of the Pfizer building could endanger success at the Midtown East project

The development group, led by George Giannopoulos and Jeffrey Znaty, purchased 69 Gold Street from New York Presbyterian Hospital for $30.1 million, according to a source familiar with the matter. The developer is also nearing a $41 million construction loan from Derby Copeland.

Company said it is also aware of investigation into PPP fraud The Department of Justice launched a grand jury investigation into Simad

Hagler's entity, DHAN Masores, offered $5.6 million to acquire Camp Mesorah, an Orthodox Jewish summer camp in Guilford, New York, from Simad Holdings. Simad, the owner of 30 camps, is selling its camps through bankruptcy. Hagler previously provided the camp with debtor-in-possession financing to sustain operations, allowing him to make a credit bid. He plans to inject $2.2 million into the camp, according to a Tel Aviv Stock Exchange filing.

The mall landlord magnate, who has recently turned his attention to the Windy City's depressed office market as a persistent buyer, allegedly diverted millions in bond proceeds to cover debts on his personal assets, according to Israeli regulatory filings made last month. The controversy, detailed in responses to the Israel Securities Authority submitted to the Tel Aviv Stock Exchange, sheds a harsh light on the financial practices of Kohan's eponymous Great Neck, New York -based company, Kohan Retail Investment Group, and its recent expansion into Chicago.

Simad Holdings, which owns 30 summer camps across the country, was forced to auction off much of its portfolio after the company filed for bankruptcy earlier this year. The result suggests that the camps themselves were not the problem.

New York City developers such as Silverstein, Extell and the Moinian Group raised money in the land of milk and honey about a decade ago, entranced by lower rates and the ability to secure corporate debt as privately held companies. But after a series of high-profile defaults in the early 2020s, American developers retreated. While they were gone, the Israel Securities Authority, the regulatory agency, worked to strengthen its oversight of foreign issuers without direct ties to Israel.

Simon Dushinsky and Isaac Rabinowitz are no longer pursuing new developments, instead focusing on their own individual businesses.