A judge has dismissed a lawsuit brought by independent broker Chaim Katzap against the former owners of Lower East Side housing development Knickerbocker Village, commercial real estate services firm Studley and Studley executive managing director Woody Heller over a commission relating to the 2007 sale of the complex to Apollo Real Estate Advisors. Katzap was seeking $20 million in fines and damages. The litigation, which has been ongoing since 2007, came to a close Sept. 22 when a judge tossed out the suit by Katzap, who had been hired to find a buyer for Knickerbocker Village, which up two whole city blocks and bounded by Catherine Street, Monroe Street, Market Street and Cherry Street, on a non-exclusive basis by Irene Pletka, partial owner of Cherry Green, a holding company that owns all shares of Knickerbocker. The case was dismissed on the basis that Katzap “never introduced Cherry Green to Apollo, the ultimate purchaser,” and had been acting as a “dual agent” for both the seller and Taconic Investment Partners, a bidder for the property, without fully disclosing his relationship with Taconic to Knickerbocker, according to the decision. … [more]
Posts Tagged ‘apollo real estate advisors’
As pressure mounts on underperforming commercial real estate in New York City, partnerships are likely to rely more heavily on legal minutiae to battle amongst themselves, legal experts said.
An expected lawsuit by state Attorney General Andrew Cuomo against Vantage Properties could give ammunition to an equity partner of the major city landlord to restructure ownership or remove the landlord from its position in the partnership, legal experts speculated…. [more]
Developer Maurice Mann is facing a lawsuit for allegedly failing to pay $400,000 in commissions and fees to Blue Rock Properties, a Manhattan-based brokerage that in 2007, helped arrange financing for the acquisition of the Apthorp on the Upper West Side.
Mann, the general partner of Mann Realty Associates, led the investment group that acquired the landmark rental building, at 390 West End Avenue, for a record $426 million. Mann has since lost the role of managing partner at the Apthorp to Africa Israel, the Israeli real estate and diamond conglomerate led by billionaire Lev Leviev.
Leviev is currently awaiting word from the New York State Attorney General about whether he will declare the condominium plan effective, amid serious concerns about whether the developer was able to find enough buyers to make the building financially viable…. [more]
Developer Kent Swig is racing to complete a deal to sell the senior
mezzanine debt at the Sheffield57 condominium to a team led by Fortress
Investment Group, amid a blockbuster derivative lawsuit by his fellow
investors that could affect a final agreement. Under the proposed deal, Guggenheim Structured Real Estate would sell
its debt in the building, which includes a senior mezzanine loan of $76
million, and a junior mortgage loan of about $2 million, sources said. The sources added that Swig and Guggenheim were looking to sell the debt
at 90 cents on the dollar, while most offers were coming in at 60 to 70
cents. The buyers would then foreclose on the note, take over the property,
and pour millions of dollars into the building to complete construction
and cover delinquent payments owed to numerous contractors. “The note’s in default,” said an executive familiar with the
negotiations, “but Guggenheim doesn’t have the [additional] money to
put into the deal that the property needs.”… [more]