From left: Magnum Real Estate Group President Benjamin Shaoul, parking garage at 140 West 28th Street and 146 West 28th Street (property source: PropertyShark)
Developer Benjamin Shaoul filed a $15 million lawsuit last week against
Sovereign Partners and its principals, brothers Darius and Cyrus Sakhai, as
well as troubled lender Brooklyn Federal Savings Bank, claiming they derailed his deal to buy back his defaulted note on a
Chelsea development project at a steep discount.
The suit claims Shaoul worked out an arrangement with former basketball star
Earvin “Magic” Johnson’s real estate investment venture Canyon-Johnson Urban
Funds to pay Brooklyn Federal $13 million to buy
back his own defaulted mortgage on the mixed-use property at 146 West 28th
Street valued at $27.98 million in principal and interest.
Shaoul, president of Magnum Real Estate Group, was an active residential
developer in the boom, building projects such as the Yves in Chelsea at 166
West 18th Street, the A Building at 421 East 13th Street and 636 East 11th Street. … [more]