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Former NY Governor Moving Fast as Executor of Father’s Estate

The Real Deal reports in “Eliot Spitzer has started splitting up late father’s empire,” that the Spitzer family fortune, with a portfolio of prime Manhattan real estate, is being divided up by former New York Governor Eliot Spitzer, as the executor of his late father’s will.

The $500 million estate transferred ownership of the properties the elder Spitzer acquired, according to property records recently filed with the city. Spitzer, now an active developer, put a sizable stake of 1050 Fifth Avenue—a 20-story, 90-unit rental building his father developed in 1960—into the Bernard and Anne Spitzer Charitable Trust, along with shares of 30 co-op units. The trust has been a big patron of organizations such as the Public Theater and City College. Bernard Spitzer stipulated in his will that about $250 million of his wealth should be left to charity.

Spitzer also transferred interests in properties—including the $88 million Hudson Yards development site that Spitzer Engineering bought in 2013—to his siblings and himself. He also put another development bought for $165 million in February by the family business into a charitable trust set up for his mother.

Spitzer Engineering has been selling some of the company’s top properties, such as the Crown Building, which went for a record-setting $1.78 billion in April.

Reference: The Real Deal (December 18, 2015) “Eliot Spitzer has started splitting up late father’s empire”

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