The Real Deal New York

Azad Property faces $20M suit amid fight with co-founder

Feldman says he was ousted by firm, is owed commission on failed $100M deal

September 05, 2014 12:10PM
By David Jones

From left: Andrew Feldman, Barry Falchi and Mansour Tabibina

From left: Andrew Feldman, Barry Farchi and Mansour Tabibina

A former broker and partner at Azad Property Group asked a Manhattan Supreme Court judge to block the firm from transferring any legal proceeds from a failed 2012 deal, according to court papers filed on Thursday. The request is part of a $20 million suit the broker filed against the firm he co-founded.

Andrew Feldman alleges that former partners Barry Farchi and Mansour Tabibina forced him out of Azad, a firm the three former Itzhaki Properties brokers formed in 2013, according to court documents.

Feldman also claims that he was denied a commission in a $100 million deal with Vornado for 131-137 Spring Street, a 68,000-square-foot retail property in Soho. That deal fell apart, and the property was later sold to SL Green and Jeff Sutton for $122 million.

“Defendants have asserted to me, at various times since I was driven out of Azad, that I was never actually a member of Azad at all, and that, therefore, I am not owed a member’s share of the proceeds of the Spring Street broker’s fee,” Feldman said in a sworn affidavit, filed on Thursday.

Feldman claims that he is actually owed a 70 percent broker’s fee, according to court records.  He also asserts that after the deal fell through, Farchi and Tabibina soured on him and eventually decided to freeze him out of the firm, according to the complaint.

Feldman originally filed suit against Azad in April, claiming that the trio originally left Itzhaki to form the new brokerage in 2012. He states that his duties were to include bringing in new business and overseeing certain properties through the firm’s property management arm, according to court filings.

Feldman previously spoke to The Real Deal in an article about the new brokerage.

In Feldman’s suit, he claims that talks on a separation agreement fell apart. Soon after, he asserted that the partners locked him out of the company phone system and computer servers. In May 2013, he claimed the Azad partners sent him a separation offer, stating that he was never a partner.

Feldman said he rejected that deal. His lawsuit alleges breach of contract, breach of fiduciary duty, tortuous interference, constructive trust and other claims.

Lawyers for Azad claimed in court papers that there was never a legally-enforceable contract making Feldman a member of the firm.

The owners of the Spring Street property were also sued by Thor Equities, which claimed it had a deal to buy the property.

Azad officials did not answer calls. Attorney Raymond Baierlein, who is representing Azad, was not immediately available for comment.

  • joe buyer

    never seen them broker any significant deals

    • ENG 101

      with your grammar it’s not surprising.

  • Glick

    Joe I have to agree, you probably don’t know how to read as well or you are as fake as your name. Look up Farchi and Tabibnia, heck you can google them. Oh wait you are to dumb to use google.

  • AMIT

    Feldman suing again? This boy sues everyone when he does not get his way. Freeloader.

  • Shane Dabauman

    Feldman brokering a $100 million dollar deal? A dreamer, according to the lawsuit
    you lost the deal to a higher number, so Amit is correct, you did not get your
    way then you sued. What a con artist you are, don’t you think you should
    make your money from actually working rather than suing everyone. Also
    how are you owed money the Spring Street law suit is not even settled, but
    after this you will get 100% of the settlement of ZERO DOLLARS.
    Better make sure you have the next suit lined up, these two don’t look good for
    you.

  • richard greico

    how is there any commission due on a failed deal????? dreamers will be dreamers….

  • joe buyer

    yes glick and eng, i just googled both names and i dont see any SIGNIFICANT deals, a few small or mid size sales, but no real volume. you are obviously the other partners so im sorry that your offended but you dont need to insult my grammar. When i google feldman i dont see any sales.

    • Glick

      Joe fake buyer I am not other partner but know them pretty well. You will read about my next deal with them soon. Where was your last purchase? You obviously a jealous broker. Joe the gum buyer

    • Freddie

      I just googled them too Joe, 29 building JV sale is not SIGNIFICANT, wow you are a jealous broker as Glick mentioned a real dumb jeolous broker. LOL

    • ENG 101

      I have no affiliation with any of them what so ever. A “so called buyer” with an educational level of a high school dropout shouldn’t chime in, especially if you can’t say it correctly. It’s evident their significant to you if you googled them twice Mr. Buyer.

      • Erez

        29 deals for an entire company over a few years isn’t something to brag about guys. Get rid of this stupid lawsuit so you can get your biz back together and make it multiples of that. Should have done research about Feldman before making him a partner. Not sure the guy has ever closed a deal by himself.

  • Philip Glazer

    A commission on a failed deal, what is going on here? I guess no one told Feldman you don’t get a commission on a failed deal, and then sue your partners. You make commission on a deal that actually happens. Who is this moron anyways? A rental broker? Jee

  • haha..children

    the insults flying around here are AMAZING

    …joe the gum buyer?

  • Erez

    I taught Barry and Mansour everything they know, i am saddened that the only reason they ever show up on real deal is because of lawsuits and not because of deals they broker. Come one Manny i taught you better than this.

    • AMIT

      This is funny you should read the NYREJ moron about deals they done not the National Enquirer Gossip Magazine Erez or whoever is pretending to be Erez. You are all morons

    • Mark

      It sure is funny, The only thing Erez can teach people is how to chat on their wives like him and get caught, then become religious sp he can cheat more but pray for forgiveness. Erez is another liar and cheat just like Feldman.

      • The real Erez

        Manny please stop making these comments. I know this is you hiding under a screen name. You shouldn’t be one talking last time I checked ur on your third wife.

  • commercialbroker

    bravo

  • David

    The Real Deal has officially become worst than the tabloids, from the reporter to the ownership shame on you for reporting such bogus story. Really? you have nothing else to report other than this garbage? Its bad enough to have this ridicules article posted, then you see the trash that is written by a bunch of losers. This is what you looking to attract?

    Shame on you and your paper, I will never advertise in this publication again.

  • Yalah

    Am I the only one still interested in how much the book keeper’s implants cost?????

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