Sol Goldman heirs sue family, seeking greater input in multi-billion dollar portfolio
166 Third Avenue Gramercy (Credit - Google)
A grandson and daughter of the late real estate titan Sol Goldman filed lawsuits in Delaware and Manhattan last week, claiming they have been cut out of portfolio management decisions despite family agreements that require additional consent. The estate of Sol Goldman, which operates under the name Solil Management as well as individual property companies, claims to own some 400 properties in New York City worth billions of dollars.
Manhattan case LINK
The plaintiffs include Sol Goldman’s daughter Amy Goldman and his grandson Steven Gurney-Goldman. The defendants include Jane Goldman, who is another daughter of Sol’s and is Amy’s sister. Steven is the son of the late Allan H. Goldman, a sibling of Amy and Jane. Steven controls a 25 percent stake inherited through this father Allan, and Jane and Amy each control 25 percent, according to Law 360 which reported on the Delaware case last week.
The case filed in Manhattan on Thursday is under seal.
Allan H. Goldman died in 2022. The Delaware case is Gurney-Goldman et al., v. Goldman, case number 2023-1124, in the Court of Chancery of the State of Delaware. According to an article in Law 360 which reported Nov. 7 on the filing in Delaware Chancery Court, “The two inheritors asked the Delaware Chancery Court for a declaratory judgment that Goldman lacks the authority to act unilaterally on behalf of the Delaware entity.”
The additional defendants named in the Manhattan filing were Diane Goldman Kemper, the fourth of Sol’s four children, Louisa Little, who is a long-time trustee with the family estates, and Judith Brener, a long-time real estate attorney for the family.
This is not the first time the heirs to the fortune litigated in court, as the case following Sol Goldman’s death was the largest ever in New York Surrogate’s Court, according to a 2008 article in The Real Deal.
The Solil Management portfolio includes the fee under dozens of ground-leased buildings as well as scores of properties owned and managed by the firm. PincusCo has identified 260 properties including 166 Third Avenue in Manhattan.
The full caption for the Manhattan case is:
Steven Gurney-Goldman, In His Individual Capacity, As Executor Of The Estate Of Allan H. Goldman, As Trustee Of The Allan H. Goldman 2010 Z-6 Trust, As Trustee Of The Allan H. Goldman 2018 Revocable Trust, And As Trustee Of Trusts F/B/O STEVEN GURNEY-GOLDMAN AND TRIS GURNEY-GOLDMAN UNDER THE ALLAN H. GOLDMAN 2018 REVOCABLE TRUST AGREEMENT, Ahg Generation X Llc, Tris Gurney-Goldman, Cindy Goldman Blotner, In Her Personal Capacity And As Trustee Of Trusts F/B/O Cindy Goldman Blotner Under The Allan H. Goldman 2018 Revocable Trust Agreement, Stephanie Goldman, In Her Personal Capacity And As Trustee Of Trusts F/B/O Stephanie Goldman Under The Allan H. Goldman 2018 Revocable Trust Agreement, Amy Goldman Fowler, In Her Individual Capacity And As Trustee Of The Amy Goldman 2010 Z-6 Trust, Apg Generation X Llc v. Solil Management, Llc, Sol Goldman Investments, Llc, Sg Empire, Llc, Jane Goldman, In Her Individual Capacity, As Manager Of Sol Goldman Investments, Llc, As Trustee Of Residuary Trust 1 F/B/O Allan H. Goldman U/W/O Sol Goldman, Residuary Trust 3 F/B/O Allan H. Goldman U/W/O Sol Goldman, The Allan H. Goldman 2008 Y-1 TRUST, THE ALLAN H. GOLDMAN 2008 Y-3 TRUST, AND THE LILLIAN GOLDMAN MARITAL TRUST, AND AS EXECUTOR OF THE ESTATE OF LILLIAN GOLDMAN, Diane Goldman Kemper, As Executor Of The Estate Of Lillian Goldman, Judith Brener, Louisa Little, In Her Capacity As Manager Of Sgi And As Trustee Of Residuary Trust 1 F/B/O Allan H. Goldman U/W/O Sol Goldman, Residuary Trust 3 F/B/O Allan H. Goldman U/W/O Sol Goldman, The Allan H. Goldman 2008 Y-1 Trust, The Allan H. Goldman 2008 Y-3 TRUST, AND THE LILLIAN GOLDMAN MARITAL TRUST
Correction: An earlier version of this post incorrectly said the Manhattan case was filed Friday, when in fact it was filed on Thursday. In addition, the original photo illustration was not 166 Third Avenue, but was incorrectly showing 166 East 34th Street.
Direct link to the property’s ACRIS page.