Olshan Serves as Counsel to Owner of Properties in Flatbush Avenue Assemblage in Downtown Brooklyn
Olshan represented the 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. The project was approved by the New York City Council. Real Estate partners Thomas Kearns and Hyman Kindler led the Olshan team that represented the owner, which also included partner Dov Brandstatter and associate Stephen Pacicco.