Israeli developer in talks for Brookland stake

Boaz Gilad recently bought out co-founder Assaf Fitoussi in subsidiary Brookland Capital
May 22, 2017 06:20PM

From left: Dror Nagel and Boaz Gilad

Israeli developer Azorim Investment, Development and Construction is in talks to buy a 25.5 percent stake in Brookland Capital’s parent company Brookland Upreal.

The news comes roughly two weeks after The Real Deal reported that Brookland co-founder Assaf Fitoussi agreed to sell his stake in the firm to the other co-founder, Boaz Gilad. The deal gave Gilad a 51 percent controlling stake in the firm. He is now in talks to sell half of that stake. David Goldberger and Eyal Yagev own the remaining 49 percent.

Brookland TRData LogoTINY, which specializes in small condos, is an active developer in Brooklyn. Since 2012 it has developed more than 50 projects. The company is developing a 67-unit condo building in Flatbush. In 2016, the company made $18 million in profits on $66 million in revenue, the Israeli business publication Globes reported.

Azorim, meanwhile, is developing a residential project on a 7.5-acre lot in Yonkers, according to Globes. [Globes] — Konrad Putzier

(To view a list of properties owned or developed by Brookland Capital, click here)