Aby Rosen hit with breach of contract suit at 520 Fifth Avenue

Developer Aby Rosen is facing a lawsuit over an alleged breached agreement at 520 Fifth Avenue, the six-story office building he once planned to redevelop along with the two adjoining properties he also owns at 516 and 518 Fifth Avenue, the Observer reported. In 2007, Rosen entered a partnership with 520 Fifth Avenue owner Tahl-Propp Equities and acquired an $80 million loan for the project. The partners have since defaulted, and now, Tahl-Propp is accusing Rosen of hiding financial information and of breaking his word to terminate leases on the three buildings by mid-2008 so that the development project could move forward. Rosen then allegedly tried to buy out Tahl-Propp’s one-third stake in the project for just $25,278, according to the suit, filed in Manhattan Supreme Court. Tahl-Propp is seeking court orders declaring the actions Rosen took at the site without their consent are void. [NYO]