Insignia/ESG's Lomazow and Capital Advisors Group win most ingenious deal of the year award for 2002. (New Products).Insignia/ESG's Martin Lomazow, and the firm's Capital Advisors Group were honored with the coveted cov·et v. cov·et·ed, cov·et·ing, cov·ets v.tr. 1. To feel blameworthy desire for (that which is another's). See Synonyms at envy. 2. To wish for longingly. See Synonyms at desire. "Most Ingenious Deal of the Year Award" for 2002 by the Association for a Better Long Island/Commercial Industrial Brokers Society. The team was recognized for their teamwork and professionalism resulting in the entity-level sale of the Garden City Company's 19-building, 675,000 SF historic real estate portfolio. Lomazow, Insignia/ESG senior managing director, initiated the milestone transaction, assisted by Larry Weiss, also of the firm's Long Island office. The ownership structure and complex familial relations presented significant impediments to the liquidation of the Garden City Company's considerable assets. An additional hindrance was a Chapter 11 bankruptcy proceeding. Despite the challenging circumstances, Lomazow teamed with Ned Midgley, Carol Nichols and Beth Sapery of Insignia/ESG's New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of City-based Capital Advisors Group to implement and structure the tax advantaged disposition strategy. The Garden City Company, a real estate firm established in the late 1800's by the founders of Garden City, owned a substantial collection of historic properties. In the 1970's, these holdings were acquired entirely by the Kassover family. The portfolio consisted of 13 office and retail properties in the exclusive Garden City business district, as well as three commercial lofts in Brooklyn, a retail property and industrial property in New Jersey, and a prime waterfront development site in Palm Beach, Florida Palm Beach is an incorporated town in Palm Beach County, Florida. The Intracoastal Waterway separates it from the neighboring cities of West Palm Beach and Lake Worth. As of 2000, Palm Beach had a year-round population of 10,468, with an estimated seasonal population of 30,000. . Following two years of intensive litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and negotiations, the 675,000-SF portfolio was sold to Prism Venture Partners. The transaction closed within 30 days following the final court proceedings. "This was an absolutely remarkable transaction, with more interesting twists and turns than a Hollywood blockbuster," said Lomazow. "Partnering with the incredibly dedicated Capital Advisors Group ensured this complex disposition assignment would ultimately get accomplished. It is extremely gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. to be honored for culminating this landmark transaction," added Lomazow. Insignia/ESG has been ranked the number one brokerage company by Commercial Property News and National Real Estate Investor A real estate investor is someone who actively or passively invests in real estate. An active investor may buy a property, make repairs and/or improvements to the property, and sell it later for a profit. . Insignia/ESG is a subsidiary of Insignia Financial Group, Inc., a publicly traded real estate company listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol IFS. |
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