The Brooklyn court approved on Tuesday in the bankruptcy case of the late Menachem Stark and Israel Perlmutter the sale of the building, which belonged to the two partners. The building was sold for approximately $52 million to an investment company managed by Jeffrey Kaplan.
The building is located on Fourth Avenue in the Williamsburg neighborhood, is seven stories high, and contains 73 apartments and four commercial units. The sale is expected to be completed within a few months.
The deal is supposed to cover all the debts of the two partners, and inject cash into Perlmutter and the late Stark's estate.
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Stark and Perlmutter purchased the building in 2006 for $9 million, and the project ran into financial difficulties during the credit crisis in 2008. The partners filed for bankruptcy in 2009, and the building was transferred to the control of a court trustee at the beginning of the last calendar year.
As you may recall, Menachem Stark went missing a little over four months ago, and his body was found charred a week later in a trash can on Long Island. His partner was suspected of involvement in the murder for a while. About a week ago, one of the murderers was captured - a worker at a contractor company that Stark worked for.
