One of the largest multifamily developers in New York City is undergoing a major change at the top.
Brookland Capital co-founder Assaf Fitoussi is leaving the company, selling his shares to fellow co-founder Boaz Gilad, giving Gilad full ownership of the firm. Such ownership also gives Gilad 51% of subsidiary Brookland Upreal, The Real Deal reports.
Since its inception in 2012, Brookland Capital has completed or initiated over 50 multifamily projects in Brooklyn, making them the most active developer in the borough. That activity is funded in large part from their offerings in the Israeli bond market and brought in $66M in condo sales in 2016.
Gilad told TRD that the split was “in good friendship,” and that it will not affect the company’s direction.