Solow, Fisher settle 10-year saga

Developer Sheldon Solow and the Fisher real estate family have settled a lawsuit involving a nine-acre planned development along First Avenue, according to the New York Times. The two parties had been partners in the proposed $4 billion development project before the Fisher family sued Solow last year, demanding he hand over $111 million for its share of the project. Solow responded with a countersuit. But the two foes reached a settlement Thursday morning, court documents show, the details of which are ordered to be kept under wraps by a confidentiality agreement. The resolution follows a 10-year saga, which began when the parties formed a 50-50 partnership to buy the nine acres south of 42nd Street from Con Edison for upwards of $600 million. After the relationship deteriorated, the Fishers sold their stake in the property to Solow bit-by-bit. The $111 million suit came after Solow did not make his final payment on the Fishers’ remaining 15 percent share of the property — Solow had agreed to buy that portion for $227 million in 2007. [NYT]