Gottesman family pays $4.6M tax to shuffle ownership of $1.1B NYC portfolio

A group of Gottesman family trusts transferred their interests to other entities affiliated with the family, according to 23 filings recorded Friday that had a total value of $1.1 billion.. All the owner entities before and after the transfer had an address at the offices of Edison Properties in New Jersey. The total tax was $4.6 million, comprised of $3.7 million paid to the city and $903,450 paid to the state, for a total tax rate of 0.4%. The founder of Edison Properties, Jerome Gottesman, died in 2017. An article from the NJBIZ at the time said a significant portion of his estate was given to charities.

In the largest of the 23 filings, Aceg, LLC (and others) acquired an interest from Gottesman family through the entity Sag Sub Trust (and others) valued at $139.5 million for 1 parcel, including the tax class licensed parking lot (G6) at 247 West 28th Street in Chelsea. The deal closed on February 12, 2021 and was recorded on March 5, 2021.
The property contains a total of 0 square feet of built space.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.

Direct link to Acris document. link

In the second, Aceg, LLC (and others) acquired an interest from Gottesman family through the entity Sag Nj Prime Trust (and others) valued at $90 million for 1 parcel, including the tax class multifamily, fireproof – with stores (D6) and containing 358 residential units at 343 Broadway in Tribeca. The deal closed on February 12, 2021 and was recorded on March 5, 2021.
The property contains a total of 396,000 square feet of built space.
Over the past five years, there have been 4 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $1,000.0. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $733,500.

Direct link to Acris document. link

In the third, Aceg, LLC (and others) acquired an interest from Gottesman family through the entity Sag Gst (and others) valued at $85.0 million for 1 parcel, including the tax class office building with seven to 19 stories (O3) at 119 West 24th Street in Chelsea. The deal closed on February 12, 2021 and was recorded on March 5, 2021.
The property contains a total of 130,876 square feet of built space.
Over the past five years, there have been 12 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 12 renovation/alteration projects (A2) applied for with a total estimated value of $1,006,900.

Direct link to Acris document. link

There were 20 other filings.