The Real Deal New York

Keller Williams suit claims Crown owned 650 Madison in 2012

The developer, accused of dodging a commission, bought its share of the building in 2013

October 09, 2015 02:30PM
By Ariel Stulberg

Chera Tayar 650 Madison

From left: Haim Chera, 650 Madison Avenue on the Upper East Side and Richard Tayar

Keller Williams and broker Richard Tayar are suing Haim Chera’s Crown Acquisitions and French-Italian high-fashion outlet Moncler, claiming the agent was cut out of a 650 Madison Avenue lease deal between them, even though Crown did not own the building when an initial agreement was allegedly struck.

Tayar, who handles Keller’s Italian clients, claims that he entered into an exclusive representation agreement with the fashion company in 2011. A year later, he showed Moncler around Crate & Barrel’s former 62,000-square-foot space at the Upper East side building, according to a lawsuit filed Thursday in New York State Supreme Court.

Tayar presented an offer on Moncler’s behalf for a portion of the space, the complaint alleges, and entered into negotiations with Crown. Then, he claims, he was told by Moncler that he would no longer be working on the deal, which was subsequently shelved. At that time, the suit claims, he corresponded with Chera personally about his commission.

But Crown Acquisitions did not own the building when the alleged negotiations took place, according to public documents. The Real Deal and other outlets reported that the developer purchased 650 Madison Avenue in June 2013 from the Carlyle Group, along with partners Vornado Realty Trust, Highgate Holdings and Oxford Property Group.

In March of this year, soon after Crate & Barrel announced its impending departure from the building, Moncler informed Tayar it had leased 9,000 square feet of space that the building, prompting the suit.

“I don’t know what they’re talking about. Moncler was represented by a different broker” when the lease was signed in March of this year, Chera said in a phone interview.

Tayar declined to comment on the suit. A representative of Moncler could not be immediately reached.

Keller and Tayar are seeking an undisclosed sum.