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The Schlesinger Family’s Copperline Partners Buy Tribeca Bldg for $21M 

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Copperline Partneru2019s recently purchased a six-story elevator building in Tribecau2019s eastern historic district for $21 million. Copperline Partners belong to the Schlesinger Family.

Copperline Partner’s recently purchased a six-story elevator building in Tribeca’s eastern historic district for $21 million. Copperline Partners belong to the Schlesinger Family. 

According to the RealDeal, the family firm owns multifamily properties in New York, Florida, and Connecticut. Headquartered in West Palm Beach Florida, Cooper line Partner’s has more than fifty years of experience in the family real estate management and development. It is especially influential within the repositioning portion of the real estate development industry. The company has repositioned over 25,000 residential units on the east coast. The Schlesinger Empire operates a total 40 residential and hotel properties dispersed throughout the United States.

 The Copperline Partner’s purchased the 18-unit prewar building at 74 Leonard Street from Allegra Holdings. The transaction was reportedly going to contract and closed on the same day. Copperline was headed by Robert and Adam Schlesinger on the day. Copper line was on a time crunch on the day and so opted for the 1031 exchange, which would minimize property taxes on the building. 

There is collective awareness within the real estate business that Trump will likely eliminate the 1031 exchange as part of his tax reform agenda. 

David Schechtman’s Meridian Capital’s who helped negotiate the recent deal in Tribeca noted that “There was talk a while ago about somehow altering the 1031 program, and this just continues to highlight at least as far as this transaction is concerned, how important it is to the market.” 

Allegra originally bought the property in 2012 for $13.7 million according to property records. The building is situated on the south side of Leonard Street between Church Street and Broadway, which is currently a mecca for development activity in Tribeca. 

Ben Shaoul’s Magnum Real Estate is marketing its condominium conversion of the cast iron building at 87 Leonard Street. 

Hedge fund owner Leon Shaulov paid $27 million in order to purchase one of the penthouses located at 56 Leonard Street. 

Bizzi and Partners are also converting 117,000-square-foot office building at 101 Leonard Street into 66 condos. 

The purchase of the Tribeca building comes after Copperline raised $75 million on the Israeli bond market via the Tel Aviv stock exchange. The firm raised 280 million shekels through the offering, which had been secured by a portfolio of various U.S real estate assets at an interest rate of 5.1 percent. 

According to the Real Deal, Meridian’s Abie Kassin, who worked on the Meridian team alongside Jonathan Birnbaum and Adam Sprung, said that the property will likely be converted into condominium units.

By: Natasha Spyer

By: Natasha Spyer

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