The Real Deal New York

Daughter of RE investor sues mom over Gramercy apartments

April 23, 2017 11:00AM

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