Litigation at RedSky Capital’s 143-157 Roebling Street takes new turn

By Adam Pincus

An eight-year legal saga related to the 2014 RedSky Capital purchase of 143-157 Roebling Street in Williamsburg for $32.25 million took another turn with a new lawsuit filed last week by a would-be buyer of the site.

In 2012, Isaac Jacobowitz through the entity Metropolitan Lofts of NY, LLC, executed a purported contract to buy the parcel for $30 million. Although the seller signed the contract, the seller also signed another contract, for $32.25 million, with RedSky Capital shortly thereafter.

Metropolitan Lofts in 2012 filed a suit to block that sale from closing, but in 2014, a State Supreme Court judge ruled the Metropolitan Lofts’ contract was invalid, and allowed the RedSky sale to proceed, which it did.

Then, in 2018, an appellate judge issued a ruling that the Supreme Court judge had erred, and in fact the Metropolitan contract had been valid. Then in July 2020 another Supreme Court judge issued a preliminary injunction prohibiting a transfer or encumbering of the property.

An attorney on behalf of RedSky last month filed a memorandum of law objecting to the injunction, and arguing that the RedSky purchase was legitimate.