Stellar Management founder Laurence Gluck is in talks to buy out his longtime investment partner in several New York City properties, Robert Rosania, according to Crain’s.
Stellar principal Rosania sued Gluck late last year, claiming that Gluck withheld financial records and unjustly enriched himself through a company the two owned together, called Stellar Aries Investor. Rosania sought compensatory damages in the suit. But the duo is now attempting a cordial split, Crain’s said.
“Rob and I are friends and we are working things out between us,” Gluck told Crain’s. “We’re working out the economics together.”
Crain’s did not say how much Rosania’s stake in Stellar might be worth.
Gluck and Rosania acquired many large buildings together during the real estate boom, then saw several of the properties fall into foreclosure during the financial crisis. They were among the investors for a 1,200-unit Harlem rental property, the Riverton Houses, which defaulted on $250 million in loans. [Crain's] — Mark Maurer