Fishers sue Solow over $111M

March 11, 2009 10:34AM

Billionaire landlord Sheldon Solow allegedly owes the Fisher Brothers,
with whom he had partnered to redevelop a 9.2-acre area south of the
United Nations
, $111 million. The Fishers filed a lawsuit in Manhattan
Supreme Court on January 14 claiming that Solow breached his contract
to purchase the Fishers’ stake in the East River Realty Company. Solow
was supposed to gain full control of the company by buying the
Fishers’ stake, according to the contract, which was signed in January
2007. Solow, who agreed to buy the stake for more than $227 million,
paid $35 million up front and asked for several extensions on the
remainder of the payment.

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