Azorim no longer in talks to buy
Brookland stake

One of Israel's largest developers was mulling a 25.5 percent stake in Brookland's parent company

New York /
Jun.June 13, 2017 11:20 AM

Azorim, one of Israel’s largest real estate developers, is no longer in talks to buy a 25.5 percent stake in the parent company of Boaz Gilad’s Brookland Capital, the most prolific builder in Brooklyn.

Filings with the Tel Aviv Stock Exchange show Brookland Capital notified bondholders of the collapse in negotiations on Monday afternoon.

The news comes just a month after Gilad bought out his partner, Assaf Fitoussi, in Brookland Capital, giving Gilad 51 percent control of parent company Brookland Upreal. The other 49 percent is split between investors David Goldberger and Eyal Yagev.

Shortly after Fitoussi’s exit, Israeli publication Globes reported that Azorim was interested in taking a significant stake in Brookland Upreal, but according to Brookland’s Monday filing, “In light of the lack of ability to reach commercial agreements with the partners of [Brookland] Capital, Azorim and Capital decided to stop the negotiation.” According to the terms of the discussions, Azorim would have jointly controlled a 51 percent stake in Brookland Upreal had the deal gone through.

“We couldn’t come to terms with the business conditions to the deal,” Gilad told The Real Deal. “And we part as friends.”

Brookland Capital TRData LogoTINY is the most prolific builder in Brooklyn over the past five years, especially by number of projects. Since 2012, it has begun development on or completed more than 50 buildings, specializing in small condominiums. The company brought in more than $66 million from condo revenue last year, according to bond filings.

Canadian billionaire Hershey Friedman became the majority shareholder of Azorim in 2011, after buying out developer Shaya Boymelgreen. In 2015, Azorim canceled the construction of a Trump-branded tower near Tel Aviv.

(To view properties owned by Brookland Capital, click here)


Related Articles

arrow_forward_ios
Neumann reveals his vision for Flow renters to “feel ownership”
Neumann reveals his vision for Flow renters to “feel ownership”
Neumann reveals his vision for Flow renters to “feel ownership”
L&L Holding Company’s David Berkey and Polsinelli’s Gabriel Dabiri along with 600 Third Avenue (Getty, L&L Holding Company, Polsinelli)
L&L, BlackRock sign law firm to renewal, expansion at 600 Third Ave
L&L, BlackRock sign law firm to renewal, expansion at 600 Third Ave
From left: Adam Weiner and John Fish (Getty, LinkedIn, Curry)
Developer destroyed potential evidence in battle over $800M project
Developer destroyed potential evidence in battle over $800M project
Fromk left: Mauricio Umansky, Christian Ulbrich, and Scott Rechler
They said what now? Real estate quotes of the week
They said what now? Real estate quotes of the week
RXR's Scott Rechler, Tamir Shemesh, Richard Meruelo, and Maria Meruelo (Getty, Serhant, Coldwell Banker)
Breakups, layoffs and walkaways: No love in real estate last week
Breakups, layoffs and walkaways: No love in real estate last week
Multifamily player Tides Equities faces $6.5B dilemma in the Sun Belt
Multifamily player Tides Equities faces $6.5B dilemma in the Sun Belt
Multifamily player Tides Equities faces $6.5B dilemma in the Sun Belt
Governor Kathy Hochul, casino chips, film camera
How Hochul’s film tax credit, casino plan affect real estate
How Hochul’s film tax credit, casino plan affect real estate
Gov. Kathy Hochul
Hochul pitches conversion tax break. Will developers bite?
Hochul pitches conversion tax break. Will developers bite?
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...