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partner. This $4,895,833 capital contribution was made to fund
necessary repairs and renovations to upgrade the Partnership
Properties.
As a result of Silver Park's $4,895,833 capital contribution
in 1982, Silver Park became a general partner in the FC
Partnership, and the FC Partnership's ownership structure was
changed in 1982 to consist of 95 ownership units, of which the
original general partners owned 48 units, or 50.53 percent, and
Silver Park owned 47 units, or 49.47 percent.
As a result of the change in ownership of the FC
Partnership, decedent's one-forty-eighth interest in the FC
partnership was converted to a one-ninety-fifth interest.
As sole general partner of Silver Park, Mr. Silver was able
to vote on FC Partnership matters on behalf of 47 of the 95
ownership units. As of 1986, Mr. Silver controlled an additional
seven ownership units, giving him control of 54 of the total 95
ownership units. By controlling a majority of the ownership
units in the FC Partnership, Mr. Silver alone had authority to
determine to whom partners could transfer ownership units, and he
could make most decisions affecting management and operation of
the FC Partnership.
By 1984, the FC Partnership had executed two additional lease
agreements with CUNY. The leases with CUNY involved approximately
40 percent of the total office space available in the Partnership
Properties.
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Last modified: May 25, 2011