Spitzer reorganizes family’s stakes in Williamsburg, Hudson Yards properties

Beneficial trusts own major portions of development projects

TRD New York /
May.May 01, 2018 01:21 PM

Eliot Spitzer and a rendering of 420 Kent Avenue (Credit: Getty Images and ODA)

Eliot Spitzer has once again reorganized some of his firm’s major properties so that his family and its various trusts own significant portions of the company’s real estate.

In the year following the death of his father, Bernard Spitzer, in 2014, the successor to the family firm Spitzer Engineering began rearranging the ownership structures of many of the family’s properties. Sizable stakes went into the Bernard and Anne Spitzer Charitable Trust, a major philanthropic charity.

Spitzer put one of his development properties – the site of his Williamsburg residential tower at 420 Kent Avenue – into a charitable trust set up for his mother, Anne Spitzer.

Now, the family matriarch has transferred the majority of the ownership at the property to her developer son and a family trust he set up in 2016, public records filed with the city Monday show.

At the same time, Spitzer moved significant ownership stakes at his portion of the planned mix-use tower his company is co-developing in Hudson Yards to his mother and a trust set up for her benefit, according to records.

A spokesperson for Spitzer declined to comment on the financial shufflings.

“We never comment on Spitzer family finances,” the spokesperson said.

Spitzer’s 857-unit rental building in Williamsburg is currently under construction. In Hudson Yards, he’s teaming up with the Related Companies on a planned 1.4 million-square-foot residential and office development.


Related Articles

arrow_forward_ios
CIM Group’s Shaul Kuba, Knotel's Amol Sarva, Related Group’s Jorge Pérez and The Agency’s Mauricio Umansky (Getty, Sarva by Sasha Maslov, iStock)

These real estate companies got fat PPP loans

These real estate companies got fat PPP loans
Federal Reserve Chairman Jerome Powell (Getty)

Real estate stocks benefit from second quarter rally

Real estate stocks benefit from second quarter rally
The Seagram Building at 375 Park Avenue with a photo illustration of RFR's Aby Rosen (Getty, Google, iStock)

Aby Rosen to build sprawling gym in Seagram Building

Aby Rosen to build sprawling gym in Seagram Building
Square Mile Capital’s Craig Solomon and Hackman Capital Partner's Michael Hackman with Silvercup Studios at 42-22 22nd Street in Long Island City (Hackman; AAK via Wikipedia Commons)

Hackman, Square Mile in talks to buy Silvercup Studios

Hackman, Square Mile in talks to buy Silvercup Studios
A photo illustration of Quora CEO Adam D'Angelo from a scene in the film The Matrix (Warner Bros./Village Roadshow Pictures; Quora)

“Our HQ will be in the cloud”: What if remote-first work is an opportunity, not a compromise?

“Our HQ will be in the cloud”: What if remote-first work is an opportunity, not a compromise?
From left: Onay Payne, Jim Simmons, Margaret Anadu and Tammy Jones (Payne by Emily Assiran)

‘Your pedigree is always questioned’: Black real estate execs push for change

‘Your pedigree is always questioned’: Black real estate execs push for change
McDonald’s on 220 West 42nd Street (Getty, iStock)

McDonald’s closes Times Square flagship

McDonald’s closes Times Square flagship
William Millichap

William Millichap of eponymous brokerage dies at 76

William Millichap of eponymous brokerage dies at 76
arrow_forward_ios

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

Loading...