$150 Million Capital Gains for Owner of Development Company

Owner of a large privately held development company
Representation of owner of privately held development company regarding the restructuring and sale of the client's ownership of $150 million in undeveloped land prior to developing condominium units on the land. This allowed the client to benefit from the lowest possible tax rate.
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Richard M. Goldstein

Richard M. Goldstein

Partner, Tax and Estate Planning Group Chair
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Experience

Representation of debtor in possession in the chapter 11 case of Cabi Downtown LLC, the owner of an 849-unit condominium project owing over $250 million to a bank consortium, defaulting unit purchasers, trade creditors, and its general contractor. The case was the first large condominium filing i...

Experience

Representation of Oleta Partners, LLC, a joint venture comprised of affiliates of the LeFrak Organization and Turnberry Associates, in the successful negotiation of the long-term ground lease and complicated leasehold financing for a 185-acre brownfields redevelopment site in the City of North Mi...

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