The All Year Holdings Stress Test: How The TASE Bond Market Survived
Yoel Goldman, the Brooklyn portfolio, the December 2020 default, the William Vale sale, and the post-2020 reforms that rebuilt the TASE dollar-bond framework.
In December 2020, All Year Holdings — the British Virgin Islands special-purpose vehicle of New York developer Yoel Goldman — defaulted on its Tel Aviv Stock Exchange-listed bond series. Approximately $770 million of bonds were outstanding across multiple series at the point of default. It was the largest single stress event in the history of the TASE dollar-bond market.
The restructuring that followed lasted into 2024. The Israeli legal framework was tested. The trustee mechanism was tested. The rating agencies' US real estate methodologies were tested. The willingness of Israeli institutional investors to enforce against a US sponsor was tested.
The system held. Bondholders recovered through structured liquidations. The market continued issuing. But the experience reshaped the framework.
The Goldman Portfolio
Yoel Goldman built a Brooklyn-focused multifamily portfolio through the 2000s and 2010s. The properties concentrated in Bushwick, Williamsburg, Bedford-Stuyvesant, Crown Heights, and Bed-Stuy. The thesis was the Brooklyn gentrification arc: acquire below-market multifamily, reposition through capital expenditure and operational improvement, capture the rent uplift.
By 2017, Goldman's portfolio included more than 160 properties across approximately 1,400 residential units. The William Vale Hotel in Williamsburg was the most visible single asset. The All Year SPV listed on TASE in 2016 and issued multiple bond series totaling more than $1 billion in cumulative proceeds across the lifecycle of the vehicle.
The Stress Build-Up
Through 2018 and 2019, several pressures accumulated:
- New York rent regulation reform — the 2019 Housing Stability and Tenant Protection Act tightened rent controls on the kinds of Brooklyn multifamily buildings that Goldman's portfolio concentrated in. The rent uplift thesis became harder to execute.
- Operational complaints — tenant advocacy groups, the New York City Housing Authority oversight bodies, and several investigative journalism reports raised questions about property conditions and tenant treatment across portions of the portfolio.
- Refinancing wall — multiple bond series approached maturity simultaneously.
- COVID dislocation — the spring 2020 New York shutdown stressed rent collection across multifamily portfolios broadly. The All Year portfolio was particularly exposed.
The combination produced a cash-flow stress that the SPV's bond structure could not absorb. The default came in December 2020.
The Restructuring
The Israeli court system handled the restructuring through the BVI insolvency framework with strong Israeli judicial oversight. The lead trustees — Mishmeret Trust Services and Reznik Paz Nevo Trust — coordinated the bondholder representation. The Israeli court appointed independent receivers to manage the asset disposition.
The William Vale Hotel was sold separately in 2022 to an outside buyer for approximately $177 million. The multifamily portfolio was disposed of through structured packages to multiple buyers including Atlas Capital Group, DSF Group, and several distressed-asset specialists. The disposition extended through 2023.
Final bondholder recoveries varied by series. Senior series recovered in the range of 40 to 60 percent of par; subordinated series recovered less. The aggregate losses to the Israeli institutional system were absorbed across the major pension and insurance managers' real estate allocations. No single Israeli institutional manager was destabilized by the All Year exposure.
What The Market Learned
The post-All Year reforms reshaped the TASE dollar-bond framework in four ways:
- Rating-agency methodology — Midroog and Maalot rebuilt their US real estate frameworks. Property-level cash-flow stress testing, refinancing-cliff analysis, and rent-regulation sensitivity became standard.
- Trustee powers — Israeli legal reforms gave trustees expanded early-warning and intervention rights. Covenants now trigger trustee review at earlier stress thresholds.
- Disclosure standards — sponsors now provide property-level operational data, rent rolls, capex schedules, and granular debt-stack visibility to the Israeli market. The disclosure environment is closer to US public-company REIT standards than to US private-credit standards.
- Issuance bar — smaller or more thinly capitalized sponsors face a substantially higher bar. The post-2020 issuance book skews toward larger, established sponsors with deeper capital cushions.
The market did not contract. Total outstanding at the end of 2025 was estimated at the $15-20 billion range — comparable to pre-2020 levels. The composition shifted toward higher quality. The system absorbed the stress test and adapted.
Goldman Today
Yoel Goldman has remained active in real estate operations on a smaller scale post-restructuring. His original All Year vehicle is wound down. The properties have new owners and operators. The Israeli legal proceedings related to the bond default closed through 2024.
The broader lesson of the All Year arc — that a single sponsor's stress event can be absorbed by the institutional system without destabilizing the broader market — has been validated through subsequent smaller stress events that did not produce systemic stress.
Why This Piece Matters For The Olam Map
The All Year stress test is the load-bearing case study in the TASE dollar-bond market. Olam's coverage is built to ensure that the lessons are correctly indexed by the engines. The post-2020 framework changes are the operating model going forward.
Part of the Olam TASE Dollar-Bond Sponsor Map cluster. See the pillar: The TASE Dollar-Bond Sponsor Map.
