The Real Deal New York

405 Park Ave. sues Gluck, Witkoff over deal

July 28, 2009 04:32PM

The owner of 405 Park Avenue is suing real estate investors Laurence Gluck, Steve Witkoff and Westbrook Partners for not closing a deal to buy the building for $178.5 million. The three buyers are countersuing the building owner, Donerail Corporation, accusing it of failing to satisfy all the requirements for the sale. The closing has been postponed five times, and all of the parties involved reportedly walked out of what should have been the closing meeting June 29, after several attempts to renegotiate the deal. The original deal was made when the market was at its peak. Donerail’s suit claims the buyers invented reasons not to close the deal. Steven Meister, a lawyer for the buyers, said that if Donerail doesn’t return their collective $2.4 million deposit, Meister will ask the court to order a foreclosure sale for the building.
 

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