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

Beneficial trusts own major portions of development projects

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
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?
A photo illustration of Mohegan Sun's Ray Pineault and Soloviev Group's Stefan Soloviev (Getty, Soloviev Group, Mohegan Gaming & Entertainment)
Soloviev partners with Mohegan on casino bid
Soloviev partners with Mohegan on casino bid
Seth Weissman, John Catsimatidis, Mayor Eric Adams
They said what now? Real estate quotes of the week
They said what now? Real estate quotes of the week
From left: Robert Reffkin and Rupert Murdoch (Getty, Compass)
ChatGPT didn’t write this week’s real estate news roundup, we promise
ChatGPT didn’t write this week’s real estate news roundup, we promise
Seth Weissman, Financing
Urban Standard wants to rescue property owners from high interest rates
Urban Standard wants to rescue property owners from high interest rates
From left: Michael Dell with 25 Water Street, Alex Sapir with 261 Madison Avenue and Marc Holiday with One Madison Avenue (Getty, Edge Funds, Sapir Organization, SL Green)
Office properties (yes, office!) got Manhattan’s biggest December loans
Office properties (yes, office!) got Manhattan’s biggest December loans
arrow_forward_ios

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

Loading...