2015 NY Slip Op 50089

Citation: 2015 NY Slip Op 50089
Jurisdiction: New York (state)
Source: Official source
Original Source: https://www.nycourts.gov/reporter/3dseries/2015/2015_50089.htm ↗

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familial dispute, is the fact that the Department of Buildings designated both properties
as "special district MX-8-Mixed use-8 (Greenpoint-Williamsburg). It is common
knowledge that Greenpoint-Williamsburg is one of the affluent areas in Brooklyn; this
Court would even venture to say, probably the most affluent in the country.

A little more history places all of the above into prospective. The latter
property, 436 Keap Street, was owned privately until in or around 1971 when the NY
City Industrial Development Agency, authorized to create industrial development sites
and to acquire, construct, reconstruct, lease and improve any building which was suitable
for manufacturing, warehousing, and to promote, develop, encourage and assist in
industrial development for our city and for the economic welfare of the people of the
state of New York, acquired the property. This agency, by it enabling act, issued bonds to
assist in the acquisition of the property and agreed to lease the property to a qualified
company that would not remove its manufacturing and industrial business from the state
for a favorable return on its capital investment. The cost of the acquisition and the bonds
that provide the capital to lease the property was $1,150,000.00.

Now, it appears that after the acquisition and development of the property,
there were several transfers, between various banking institutions which were involved in
the bonding by the city. For our purposes, it is relevant to reveal that as of December 8,
1980, the Walben Company, a private NYS partnership entered into a thirty-five year
lease and option to purchase with Fred Brenner. The agreement commenced on
December 9, 1980 and terminates on December 31, 2015. The lease terms commenced