Civic Intelligence

Knickerbocker Edens LLC

990 • Fiscal year 2022 • EIN 46-4299865

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 15, 2023

PO Box 5005New York, NY 10163-5005

(212) 648-2230

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

4th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2022 filings • $1B+ nonprofits • Source year 2022

Liabilities / Revenue

4th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2022 filings • $1B+ nonprofits • Source year 2022

Net Margin

98th percentile

100%

Higher net margin than 98% of similar nonprofits.

2022 filings • $1B+ nonprofits • Source year 2022

Top Officer Pay

5th percentile

$0

Higher top officer pay than 5% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2022 filings • $1B+ nonprofits • Source year 2022

Asset Growth

97th percentile

47%

Faster asset growth than 97% of similar nonprofits.

2022 filings • $1B+ nonprofits • Annualized from 2021 to 2022

Revenue Growth

15th percentile

-17%

Faster revenue growth than 15% of similar nonprofits.

2022 filings • $1B+ nonprofits • Annualized from 2021 to 2022

Assets

Up

$1,522,738,819

Up $484,284,266 (+47%) from 2021

Net Assets

Up

$1,522,738,819

Up $484,284,266 (+47%) from 2021

Liabilities

Flat

$0

Flat from 2021

Revenue

Down

$22,106,210

Down $4,572,590 (-17%) from 2021

Expenses

Flat

$0

Flat from 2021

Net Income

Down

$22,106,210

Down $4,572,590 (-17%) from 2021

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$2.0B$1.5B$1.0B$500M$0Assets 2015: $939,679,344Liabilities 2015: $0Net Assets 2015: $939,679,3442015Assets 2016: $1,009,591,115Liabilities 2016: $0Net Assets 2016: $1,009,591,1152016Assets 2017: $1,058,675,434Liabilities 2017: $0Net Assets 2017: $1,058,675,4342017Assets 2018: $1,088,782,078Liabilities 2018: $0Net Assets 2018: $1,088,782,0782018Assets 2019: $1,089,680,784Liabilities 2019: $0Net Assets 2019: $1,089,680,7842019Assets 2020: $935,103,386Liabilities 2020: $0Net Assets 2020: $935,103,3862020Assets 2021: $1,038,454,553Liabilities 2021: $0Net Assets 2021: $1,038,454,5532021Assets 2022: $1,522,738,819Liabilities 2022: $0Net Assets 2022: $1,522,738,8192022Assets 2023: $1,444,871,492Liabilities 2023: $0Net Assets 2023: $1,444,871,4922023Assets 2024: $1,718,072,559Liabilities 2024: $0Net Assets 2024: $1,718,072,5592024

Highlighted filing

2022

Assets$1,522,738,819
Liabilities$0
Net Assets$1,522,738,819

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$60M$40M$20M$0Revenue 2015: $21,991,701Expenses 2015: $0Net Income 2015: $21,991,7012015Revenue 2016: $26,631,926Expenses 2016: $0Net Income 2016: $26,631,9262016Revenue 2017: $32,828,100Expenses 2017: $4,629Net Income 2017: $32,823,4712017Revenue 2018: $41,006,030Expenses 2018: $610Net Income 2018: $41,005,4202018Revenue 2019: $18,961,612Expenses 2019: $4,447Net Income 2019: $18,957,1652019Revenue 2020: $9,308,206Expenses 2020: $129Net Income 2020: $9,308,0772020Revenue 2021: $26,678,800Expenses 2021: $0Net Income 2021: $26,678,8002021Revenue 2022: $22,106,210Expenses 2022: $0Net Income 2022: $22,106,2102022Revenue 2023: $16,504,562Expenses 2023: $0Net Income 2023: $16,504,5622023Revenue 2024: $41,560,979Expenses 2024: $4,598Net Income 2024: $41,556,3812024

Highlighted filing

2022

Revenue$22,106,210
Expenses$0
Net Income$22,106,210
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 15, 2023
Return Version
2022v5.0
Gross Receipts
$22,106,210
Mission and Program Overview

Mission

Pension benefit organization

Pension benefit oragnization

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Program Related$1,038,454,553$1,522,738,819▲ $484,284,266
Rtn Earn Endowment Incm Other Fnds$283,250,852$767,535,118▲ $484,284,266
Pd in Cap Srpls Land Bldg Eqp Fund$755,203,701$755,203,701→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Total Assets$1,038,454,553$1,522,738,819▲ $484,284,266
Liabilities
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Total Net Assets Fund Balance$1,038,454,553$1,522,738,819▲ $484,284,266
Total Liabilities and Net Assets / Fund Balance$1,038,454,553$1,522,738,819▲ $484,284,266

Asset Categories

AssetBook ValueDepreciationBasis
Investment Program Related Org$1,522,738,819--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Christian PorwollOutgoing President
Joseph M PistoneOutgoing Vice President
Stephanie CummingsOutgoing Vice President
Brett T KahnVice President
Brian OkrentVice President
Karen M WilbrechtVice President
Krystina LeoVice President
Matthew CincottaVice President
Morgan LingleVice President
Nataly ValitsVice President
Wayne a ComerVice President/president
Alfred W DortVice President/treasurer
David C GillanDirector
Margaret AndriolaDirector
Thomas K LeeDirector
Camille PaulusAssistant Secretary
Mark a BrodyOutgoing Secretary
Rhona J KischSecretary
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$22,106,210
Other Revenue
$0
Change in Net Assets
$22,106,210
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$0
Other Expenses$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 3

The organization delegates management responsibility to jp morgan advisors.

Form 990, Part VI, Section A, Line 6

The organization's governing body is comprised of officers. All officers act to carry out the business of the organization. Subject to the bylaws, the sole member, nys teachers' retirement system (nystrs), may veto or confirm decisions made by the organization's officers.

Form 990, Part VI, Section A, Line 7A

See explanation for part vi, section a, line 6.

Form 990, Part VI, Section A, Line 7B

See explanation for part vi, section a, line 6.

Form 990, Part VI, Section B, Line 11B

The officers of the organization are responsible to review the form 990 prior to filing. The new york state teachers' retirement system receives a copy of the filed form 990.

Form 990, Part VI, Section B, Line 12C

The organization's conflict of interest policy is the sole responsibility of nystrs. The nystrs code of ethics requires that employees review and sign an annual disclosure statement with human resources by january 10 of each year. Any potential conflicts of interest, including elected positions, business holdings, investment interests, etc. Of employees or their spouse, dependent, or member of household must be disclosed.

Form 990, Part VI, Section B, Line 15

The organization is an irc 501(c)(25) entity holding title to rental real property and remitting the net income to the new york state teachers' retirement system, an irc 401(a) organization. Additionally, the organization does not have any employees therefore there are no processes related to employee compensation.

Form 990, Part VI, Section C, Line 19

The pension benefit organization makes the documents referenced in questions 18 and 19 available upon request to the public.

FORM 990, PART VII, SECTION A:

Nys teachers retirement system (nystrs) is a section 401(a) trust that is related to knickerbocker edens llc (edens), and edens' three directors are employed by nystrs. The organization's three directors are thomas lee, executive director and cio of nystrs david c gillan, managing director of real estate at nystrs and margaret andriola., nystrs chief financial officer. As part of the annual tax compliance process, edens asked nystrs for the compensation information for these three individuals who are employed by the nystrs. Edens made reasonable efforts to obtain compensation information and requests were made both in writing and via phone calls. Edens was unable to obtain the compensation information from nystrs and is unable to provide a reasonable estimate of this information.

Filing and Contact Details

Filer

Filer Name
Knickerbocker Edens LLC
EIN
46-4299865
Phone
2126482230
Address
PO BOX 5005, NEW YORK, NY 10163-5005

Signing Officer

Name
Matt Cincotta
Title
Vice President
Phone
2126482230
Signed
2023-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Matt Cincotta
Formed
2013
Legal Domicile
De
Voting Board Members
3
Independent Board Members
0
Employees
0
Volunteers
0

Preparer

Firm
Cohnreznick Llp
Address
14 SYLVAN WAY, PARSIPPANY, NJ 07054-3801
Preparer
Lori Rothe Yokobosky CPA
Phone
9732283500
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Contribution from nystrs 325,452,114. Book to tax difference on investment in edens investment trust 42,251,317.

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/PartialLiquidationInd00
IRS990/PdInCapSrplsLandBldgEqpFundGrp/BOYAmt0755203701
IRS990/PdInCapSrplsLandBldgEqpFundGrp/EOYAmt0755203701
IRS990/PoliticalCampaignActyInd00
IRS990/PrincipalOfficerNm0MATT CINCOTTA
IRS990/ProfessionalFundraisingInd00
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt026678800
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IRS990/PYOtherRevenueAmt00
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IRS990/ReportLandBuildingEquipmentInd00
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd01
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IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc0INVESTMENT IN KB EDEN TRUST
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IRS990ScheduleD/TotalBookValueProgramRltdAmt01522738819
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION DELEGATES MANAGEMENT RESPONSIBILITY TO JP MORGAN ADVISORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION'S GOVERNING BODY IS COMPRISED OF OFFICERS. ALL OFFICERS ACT TO CARRY OUT THE BUSINESS OF THE ORGANIZATION. SUBJECT TO THE BYLAWS, THE SOLE MEMBER, NYS TEACHERS' RETIREMENT SYSTEM (NYSTRS), MAY VETO OR CONFIRM DECISIONS MADE BY THE ORGANIZATION'S OFFICERS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2SEE EXPLANATION FOR PART VI, SECTION A, LINE 6.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3SEE EXPLANATION FOR PART VI, SECTION A, LINE 6.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE OFFICERS OF THE ORGANIZATION ARE RESPONSIBLE TO REVIEW THE FORM 990 PRIOR TO FILING. THE NEW YORK STATE TEACHERS' RETIREMENT SYSTEM RECEIVES A COPY OF THE FILED FORM 990.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE ORGANIZATION'S CONFLICT OF INTEREST POLICY IS THE SOLE RESPONSIBILITY OF NYSTRS. THE NYSTRS CODE OF ETHICS REQUIRES THAT EMPLOYEES REVIEW AND SIGN AN ANNUAL DISCLOSURE STATEMENT WITH HUMAN RESOURCES BY JANUARY 10 OF EACH YEAR. ANY POTENTIAL CONFLICTS OF INTEREST, INCLUDING ELECTED POSITIONS, BUSINESS HOLDINGS, INVESTMENT INTERESTS, ETC. OF EMPLOYEES OR THEIR SPOUSE, DEPENDENT, OR MEMBER OF HOUSEHOLD MUST BE DISCLOSED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE ORGANIZATION IS AN IRC 501(C)(25) ENTITY HOLDING TITLE TO RENTAL REAL PROPERTY AND REMITTING THE NET INCOME TO THE NEW YORK STATE TEACHERS' RETIREMENT SYSTEM, AN IRC 401(A) ORGANIZATION. ADDITIONALLY, THE ORGANIZATION DOES NOT HAVE ANY EMPLOYEES THEREFORE THERE ARE NO PROCESSES RELATED TO EMPLOYEE COMPENSATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7THE PENSION BENEFIT ORGANIZATION MAKES THE DOCUMENTS REFERENCED IN QUESTIONS 18 AND 19 AVAILABLE UPON REQUEST TO THE PUBLIC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8NYS TEACHERS RETIREMENT SYSTEM (NYSTRS) IS A SECTION 401(A) TRUST THAT IS RELATED TO KNICKERBOCKER EDENS LLC (EDENS), AND EDENS' THREE DIRECTORS ARE EMPLOYED BY NYSTRS. THE ORGANIZATION'S THREE DIRECTORS ARE THOMAS LEE, EXECUTIVE DIRECTOR AND CIO OF NYSTRS DAVID C GILLAN, MANAGING DIRECTOR OF REAL ESTATE AT NYSTRS AND MARGARET ANDRIOLA., NYSTRS CHIEF FINANCIAL OFFICER. AS PART OF THE ANNUAL TAX COMPLIANCE PROCESS, EDENS ASKED NYSTRS FOR THE COMPENSATION INFORMATION FOR THESE THREE INDIVIDUALS WHO ARE EMPLOYED BY THE NYSTRS. EDENS MADE REASONABLE EFFORTS TO OBTAIN COMPENSATION INFORMATION AND REQUESTS WERE MADE BOTH IN WRITING AND VIA PHONE CALLS. EDENS WAS UNABLE TO OBTAIN THE COMPENSATION INFORMATION FROM NYSTRS AND IS UNABLE TO PROVIDE A REASONABLE ESTIMATE OF THIS INFORMATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt9CONTRIBUTION FROM NYSTRS 325,452,114. BOOK TO TAX DIFFERENCE ON INVESTMENT IN EDENS INVESTMENT TRUST 42,251,317.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 6
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION A, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8FORM 990, PART VII, SECTION A:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc9FORM 990, PART XI, LINE 9:
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
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IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
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IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DisproportionateAllocationsInd20
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IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/PrimaryActivitiesTxt0PENSION ORG
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IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/PrimaryActivitiesTxt2PENSION ORG
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/PrimaryActivitiesTxt3PENSION ORG
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/RelatedOrganizationName/BusinessNameLine1Txt0MERRIT 7 VENTURES LLC
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/RelatedOrganizationName/BusinessNameLine1Txt1MERRIT 7 INVESTORS LLC
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/RelatedOrganizationName/BusinessNameLine1Txt2RSQ TOWER LLC
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/RelatedOrganizationName/BusinessNameLine1Txt3KNICKERBOCKER COLD STORAGE LLC
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/AddressLine1Txt0230 PARK AVENUE 12TH FLOOR
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/AddressLine1Txt1230 PARK AVENUE 12TH FLOOR
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/AddressLine1Txt2230 PARK AVENUE 12TH FLOOR
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/AddressLine1Txt3100 WILSHIRE BLVD SUITE 100
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/CityNm0NEW YORK
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/CityNm1NEW YORK
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/CityNm2NEW YORK
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/CityNm3SANTA MONICA
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/USAddress/StateAbbreviationCd0NY
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd90
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd100
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd230
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingEntityName/BusinessNameLine1Txt19NYSTRS

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