Daughter of RE investor sues mom over Gramercy apartments

Apr.April 23, 2017 11:00 AM

Elizabeth Marcus, the daughter of the late real estate investor Alan Marcus, claims that her mother swiped her trust fund, which included tony real estate.

Her mother, Geraldine Lettieri, won control over the family estate in 2003. Now, the daughter says that her inheritance has been sucked dry, according to a lawsuit cited by the New York Post.

Marcus specified in his will that his $30 million estate should be split between his two children. The fortune included nine co-ops at 201 East 15th Street in Manhattan and an 87-unit apartment building in Sheepshead Bay.

But with control of the estate, Lettieri bought an East 72nd Street apartment and sold some of their Gramercy co-ops. Lettieri claims that “the trust has always been operating at a deficit,” noting that the Sheepshead Bay building was not profitable and that the Gramercy apartments where rent stabilized.

The Sheepshead Bay building, which Lettieri sold in 2009 for $13 million, had operated at a “huge” monthly deficit, she claims.

“Far from the sinister spin the petition seeks to put on events, the truth is the trustee held the trust afloat,”Lettieri argues.

[NYP]Christopher Cameron

Related Articles

Richard LeFrak with Gateway Plaza at Battery Park City (Credit: LeFrak by John Lamparski/WireImage; Olnick Organization)

Judge OKs $42M settlement by LeFrak, Battery Park City tenants

Charles Kushner and 331 East 9th Street (Credit: Kusner Photo by Ilir Bajraktari/Patrick McMullan via Getty Images; Google Maps)

Judge grants Kushner tenants free rent at East Village complex

Arthur Shapolsky of Shapolsky Real Estate and 143 East 62nd Street (Credit: Facebook, Google Maps)

Real estate titan: I was duped on deal by elderly button-shop owner

Compass CEO Robert Reffkin and Realogy CEO Ryan Schneider(Credit: Getty Images)

Rankled rivals: Compass, Realogy spar over arbitration

A rendering of Broadway Triangle (Credit: NYC Housing Preservation & Development, iStock)

Suit against Rabsky’s Broadway Triangle project dismissed again

The Red Hook NYCHA Houses in Brooklyn (Credit: Jim.henderson via Wikipedia)

NYCHA hit with class action alleging “deplorable” conditions

The document threatened a lawsuit against WeWork at a time when it was still in the midst of rapid growth and fundraising (Credit: Getty Images)

Inside WeWork’s $2M+ settlement over claims of drug use, sexual harassment

Rodrigo Nino, 84 William Street in Lower Manhattan and 1400 N. Orleans Street in Chicago (Credit: Facebook, Google Maps)

Prodigy Network investors say millions in limbo as company shuts them out