Agreement Leads to Transfer of Six Area Properties

BOSTON-Wellsford/Whitehall Group LLC, a joint venture among Wellsford Real Properties, Inc., the Whitehall funds and the Saraceno family closed on an agreement to redeem the Saraceno family’s 7.45% equity interest in the venture in consideration for the transfer of six area properties in the venture’s portfolio.

The agreement is subject to a $64 million mortgage loan and property accounts payable, an adjacent parcel of land and cash approximating $1.5 million to a partnership formed by the Saraceno family and other third parties. As part of the transaction, the existing tax indemnity of the venture to the Saraceno family’s members was eliminated.

The six properties total 891,000 sf. The Saraceno family’s original contribution to the venture in 1998 included these six properties along with other properties no longer in the venture’s portfolio.