The Real Deal New York

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

Beneficial trusts own major portions of development projects
By Rich Bockmann | May 01, 2018 01:21PM

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.