80-88 Flatbush Avenue, 90-98 Flatbush Avenue and 102 Flatbush Avenue’s long term ground leases to affiliates of Alloy Development


Olshan represented Kimaqu Corporation on the transaction

Olshan represented Kimaqu Corporation owner of 80-88 Flatbush Avenue, 90-98 Flatbush Avenue and 102 Flatbush Avenue, under long term ground leases to affiliates of Alloy Development, in combining the parcels and in converting the owner’s interest from a fee estate subject to a ground lease to ownership of condominium units to be constructed, which will consist of three separate condominium buildings, with office, residential (both market and affordable) retail, a cultural center and a new public school.

The approximately one million-square-foot development is scheduled to finish in 2025 and was approved by the New York City Council.

Olshan represented Kimaqu Corporation on the transaction with a team including Thomas Kearns (Picture), Hyman Kindler, Dov Brandstatter and Stephen Pacicco.

Involved fees earner: Dov Brandstatter – Olshan Frome Wolosky LLP; Thomas Kearns – Olshan Frome Wolosky LLP; Hyman Kindler – Olshan Frome Wolosky LLP; Stephen Pacicco – Olshan Frome Wolosky LLP;

Law Firms: Olshan Frome Wolosky LLP;

Clients: Kimaqu Corporation;

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Author: Ambrogio Visconti