Laurence Gluck and partner Robert Rosania cut ties

TRD New York /
Jan.January 20, 2014 04:35 PM

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

Related Article

Census tract 135 and Stellar Management's Larry Gluck (Credit: Getty Images and Stellar Management)

How a small stretch of land on the Far West Side became an Opportunity Zone

50 West 97th Street (Credit: Google Maps)

UWS tenants accuse Stellar of illegally deregulating apartments

134 East 74th Street, a construction photo and a rendering of the property's double height great room (Credit: Corcoran)

Stellar Management’s double-wide, incomplete townhouse just sold for $25M

One Soho Square with a Juul (Credit: One Soho Square, Wikipedia, and Pixabay)

Holy smokes: E-cigarette startup Juul takes space in Soho office building

Stellar Management founder Larry Gluck with renderings of One Soho Square

Stellar, Imperium lock down $900M CMBS refi for One Soho Square

Stellar Management’s partially-built townhouse returns to market asking $30M

Stellar Management overcharged tenants with unjustified renovation costs, judge says

The best-capitalized renter at Vornado, Stellar’s 80 North Moore St. just signed a lease extension