The Real Deal New York

JD Carlisle allegedly broke 160 Madison Ave. commercial condo promise

Former property owner sues to take control of the unit, wants $8 million in damages

September 01, 2015 02:15PM
By Ariel Stulberg

160 Madison Avenue in NoMad with J.D. Carlisle CEO Evan Stein (inset)

160 Madison Avenue in NoMad with J.D. Carlisle CEO Evan Stein (inset)

Sometimes getting it in writing isn’t enough.

J.D. Carlisle allegedly promised the former owner of 160 Madison Avenue a commercial condominium in the new 42-story tower it was building on the site, but failed to deliver the goods, a new lawsuit claims.

John Rapp, a managing member of 168 Madison Avenue LLC, filed suit Tuesday in New York State Supreme Court, claiming that the commercial condo in the new 319-unit rental building was “a material part of the purchase price and consideration.” The contract spelled out the details: the commercial unit was to be 3,500 square feet, with 35 feet of frontage on Madison Avenue, according to the suit.

J.D. Carlisle bought the property in 2012, paying $12 million. According the lawsuit, the commercial condo is worth $8 million or more. The former owner is seeking a court order to force J.D. Carlisle to provide the unit, along with damages to exceed $8 million.

A copy of the contract of sale was filed as Exhibit A in the case, but was apparently later retracted.

A representative from J.D. Carlisle with knowledge of the case wasn’t available to comment. John Rapp couldn’t be reached, and attorneys representing 168 Madison Avenue LLC declined to comment.