Real Estate

Stalled Burg Build to Change Hands With a Little Help From Sasha and Malia...

File under weird-but-true: “President Obama’s daughters, Sasha and Malia, aren’t exactly big New York City real estate players. At ages 9 and 12, respectively, it’s safe to say that they’re more concerned with living in the White House and doing their homework than a routine building sale in Brooklyn. So why are they alluded to…

by Gabby
02/07/2011 0

File under weird-but-true: “President Obama’s daughters, Sasha and Malia, aren’t exactly big New York City real estate players. At ages 9 and 12, respectively, it’s safe to say that they’re more concerned with living in the White House and doing their homework than a routine building sale in Brooklyn. So why are they alluded to in an otherwise dry real estate contract between an affiliate of Midtown Equities and a bankrupt developer for a stalled Williamsburg site? The document mentions the president’s ‘last surviving child’ in connection with the maximum amount of time one of the contract provisions will be valid. And it not only mentions his kids; it uses one of their deaths as a benchmark of time….Real estate attorneys say that while invoking the president’s daughters in a contract like this might be unusual, these types of clauses are not. The 21-year clause is a standard part of New York State regulations, known as the ‘rule against perpetuities.’ The rule is rooted in the rationale that the transfer of a property cannot be restricted indefinitely…In this case, Joseph Cayre, who heads Midtown Equities, and investor Alex Adjmi partnered to form CAB Bedford LLC, which signed a $20 million purchase agreement in July for 240-246 Bedford Avenue, city property records and bankruptcy filings show. As of late last month, no sale had been recorded in public records.” – The Real Deal

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