Brookland Capital loses control of another Brooklyn development
Company owes Israeli bondholders $42M over the next 3 years
Brookland Capital is no longer the sponsor on one of its many Brooklyn condo projects.
Boaz Gilad, the company’s founder, was terminated as a sponsor at 850 Metropolitan Avenue in East Williamsburg earlier this year, according to property records. The new principals are the architecture firm ROART and BHM Realty LLC.
The 32-unit project on the site of a former condensed milk factory has a projected sellout of slightly more than $34 million, according to its filing with the New York Attorney General’s office. Sales at the project launched in July.
The same principals also control the 44-unit condo project that Brookland had been planning at 77 Clarkson Avenue in Prospect-Lefferts Garden, but that plan was not filed until about two months ago, and Gilad was never listed as a sponsor on it, according to the AG’s office filing.
Representatives for Brookland did not immediately respond to requests for comment.
Brookland Capital has been struggling financially since last year at least, and owes $42 million to bond holders over the next three years. The company’s bondholders appointed New Jersey landlord Ronel Ben-Dov to oversee Brookland Upreal at the beginning of the year, the company that issues bonds in Israel.
The firm has been looking to sell off several of its properties. Brooklyn developer Serabjit Singh is buying 257 Washington Avenue in Clinton Hill for $13.5 million, and Spruce Capital Partners bought the firm’s remaining condos at 554 4th Avenue in Park Slope for almost $30 million.