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New York

Israeli developer in talks for Brookland stake

Boaz Gilad recently bought out co-founder Assaf Fitoussi in subsidiary Brookland Capital

From left: Dror Nagel and Boaz Gilad
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.

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Brookland [TRDataCustom], 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)

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Brookland Capital