Cohen & Gresser advised Reliance Trust Company, a corporate fiduciary, in its $14.5 million sale of 571 Fulton Street in downtown Brooklyn to RedSky Capital. The complex deal spanned nine months and involved complicated lease issues as well as trust and estate and title issues originating in the 1930s. The sale of the property, which had been an asset in a trust for nearly 60 years, is a significant liquidity event for the beneficiaries. The property is also a key asset in RedSky Capital’s extensive redevelopment of Fulton Street.
Partner Nicholas J Kaiser led the Cohen & Gresser team, which included Matthew V Povolny, David F Lisner, Eliza Sheridan, and paralegal Camille Delgado.
Nicholas J Kaiser assisted developer Murat Agirnasli and partners with the filing of an offering plan for a 54-unit condominium at 570 Broome Street, with the target sellout for the apartments at $149.2 million. Nicholas worked on the real estate assemblage, acquisition, and construction financing, as well as the off-site leasing office work for the project.