The Real Deal New York

After curious lawsuit, One Madison Park buyers get deposit back

March 12, 2013 10:30AM

A lawsuit over a deposit involving branding guru David Lipman and Related Companies’ One Madison Park has been resolved, Curbed reported. Lipman intended to sell two fifteenth floor apartments in the Flatiron District building to David and Marcia Kaplan for around $6.5 million. But after lengthy legal wrangling at the building, buyers’ were allowed to take back their deposits, though the Kaplans never received theirs. 

It turned out that Lipman never had possession of the condos, though he has been fighting an extended court battle to secure them as he alleges that the building owners promised him the apartments as compensation for his branding advice.

The court ruled in favor of the Kaplans, who got back their entire $622, 500 deposit as well as $117,500 in interest, their attorney William Turkish told Curbed.

In April of last year, developer Related Companies agreed to pay tens of millions of dollars in settlement claims at the property, as The Real Deal previously reported. [Curbed]  –Hiten Samtani