Friday, January 11, 2013

Galvan Watch

Gossips learned yesterday that the deeds for sixteen properties have recently been transferred from Galvan Partners, LLC, to the not-for-profit Galvan Initiatives Foundation. The Galvan Foundation now owns twenty-eight properties, with a total assessed value of more than $5 million. It should be noted that ownership by a not-for-profit does not automatically make a property tax exempt.

These are the sixteen newly transferred properties. Two of them--12 North Second Street and 251-253 Union Street--have never appeared in any previous Gossips inventory of Galvan holdings.

9 Union Street

21-23 Union Street
25 Union Street

113 Union Street

12 North Second Street

20 South First Street and 24 South First Street
102 Union Street and 104 Union Street

251-253 Union Street
209-211 Union Street

34-36 South Second Street
238 Allen Street
250-252 Allen Street
68 South Second Street
346 Warren Street


  1. I would have to assume this is estate planning designed to reduce the size of Henry's taxable estate. The IRS will need to take a look at this.

  2. Or it is a precursor to Galvan Initiatives seeking to remove all of these properties from the tax roll.