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Founders of Brooklyn's most prolific condo developer Brookland Capital split up

People & Companies / Latest News

United States of America

May 05 2017

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Will Parker

Brookland Capital co-founder Assaf Fitoussi is moving on and selling his shares in the company to partner Boaz Gilad, who will now have complete control of Brookland Capital’s 51 percent ownership in parent company Brookland Upreal.

The news was first reported in the Israeli publication The Marker after an announcement on the Tel Aviv Stock Exchange. Gilad and Fitoussi first started working in New York real estate 17 years ago. Fitoussi is expected to continue acquiring or developing real estate on his own.

Gilad told The Real Deal that Fitoussi was “departing in good friendship” and sees the moment as “a great opportunity to increase my portion in the company.” Gilad further stated that Fitoussi’s departure will not change Brookland’s direction or investment strategy. “It’s been in the making for a while now,” Gilad said of Fitoussi’s decision. Fitoussi did not respond to a request for comment.

By number of projects, Brookland, which specializes in small condos, usually under 20 units, is by far the most prolific builder in Brooklyn, if not in New York City. Since 2012 it has begun development or completed more than 50 developments. It has recently moved into more mid-sized multifamily development, however, including a 67-unit condo in Flatbush. Brookland brought in $66 million in revenue from condo sales last year, up from $54.5 million in 2015, according to filings with the Tel Aviv Stock Exchange. The company is one of a handful of New York developers to raise equity on the Israeli bond market, pulling in tens of million across multiple rounds of offerings in recent years.

 

SOURCE: The Real Deal

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