Gulfstream jet debts lead Cappelli to demand $4.5 million from former partner

Real estate developers Louis R. Cappelli and Edward J. Minskoff are suing the estate of Louis L. Ceruzzi Jr. for $4.5 million, over its one-third interest in a Gulfstream business jet.

Cappelli and Minskoff claim that Ceruzzi”™s estate has failed to pay its share of expenses and mortgage payments, and is obligated to pay millions of dollars more in future loan payments, in a complaint filed last month in Westchester Supreme Court.

Ceruzzi, who lived in Southport, Connecticut, founded a real estate empire in the 1980s, beginning with suburban projects and transitioning the large-scale projects in Manhattan.

He died in 2017 from an aortic aneurysm at age 63.

Edward J. Minskoff Equities, Manhattan, develops, owns, leases and manages commercial and residential buildings in New York City and other urban centers. Cappelli, based in White Plains, also builds large commercial and residential buildings, including many in Westchester.

In 2012, the developers financed a Gulfstream Aerospace G550 jet for $32.8 million. A Cappelli company, L&L Leasing V, originally registered the jet in 2007, according Federal Aviation Administration records.

Last year, the developers refinanced two loans, and Ceruzzi”™s estate agreed to take responsibility for one-third of the obligations. Ceruzzi”™s BVS Acquisition Co. promised to cover payments that the estate failed to make.

The jet was sold in December to a Carlsbad, California, company for $13 million.

The developers still owe more than $10.4 million on two loans.

As of December, according to the complaint, the Ceruzzi estate and BVS Acquisition indicated that they will not meet their obligations.

Cappelli and Minskoff accused the estate and BVS of breaches of contract and unjust enrichment.

The lawsuit also names Charles A. Mantell and David C. Novicki of New Haven as the executors of the estate.

White Plains attorneys Alfred E. Donnellan and Nelida Lara represent Cappelli and Minskoff.