Kriss, Bayrock agree to settle racketeering lawsuit after 8 years

Trump Soho developer was sued by ex-employee in 2010

TRD New York /
Feb.February 22, 2018 06:47 PM

Jody Kriss and Felix Sater (Credit: Wikimedia Commons, Max Pixel, Pixabay)

Jody Kriss agreed to settle his racketeering lawsuit against Trump Soho developer Bayrock Group, ending a nasty legal battle that stretched nearly a decade.

Kriss filed the lawsuit against his former employer in 2010, alleging that Felix Sater and Tevfik Arif’s real estate firm laundered money, evaded taxes and bilked him out of millions. The lawsuit led to years of legal proxy warfare between Kriss and Sater, who denied the accusations and labeled the former Bayrock finance director as a disgruntled ex-employee.

The two sides hammered out the settlement over several months, Bloomberg reported.

Bayrock developed the condo and hotel tower at 246 Spring Street, which got the name Trump Soho through a licensing deal with the Trump Organization. In his lawsuit, Kriss also alleged that Arif and Sater also defrauded the Trump Organization by not disclosing Sater’s 1998 racketeering conviction. In 2010 Trump, Bayrock and the Sapir Organization were sued for lying to prospective buyers about their sales success. The Manhattan District Attorney’s Office later dropped the criminal investigation into the Trump scions.

The tower, now owned by Los Angeles-based private equity firm CIM Group, changed its name to the Dominick Hotel in December. [Bloomberg] — Konrad Putzier


Related Articles

arrow_forward_ios
President Donald Trump and Manhattan District Attorney Cyrus Vance (Trump by BRENDAN SMIALOWSKI/AFP via Getty Image; Vance by Kevin Hagen/Getty Images)

Trump Org may be focus of broader fraud investigation by Manhattan DA

Trump Org may be focus of broader fraud investigation by Manhattan DA
Senate Minority Leader Chuck Schumer and Senate Majority Leader Mitch McConnell (Schumer by Tasos Katopodis/Getty Images; McConnell by Ting Shen/Xinhua via Getty)

Schumer v. McConnell on SALT: Who’s gonna give?

Schumer v. McConnell on SALT: Who’s gonna give?
From left: Jared Kushner, 715 Park Avenue, Deutsche Bank CEO Christian Sewing, and Rosemary Vrablic (Credits: Kushner by BRENDAN SMIALOWSKI/AFP via Getty Images; 715 Park via Google Maps; Sewing by by Thomas Lohnes/Getty Images; Vrablic by PAUL LAURIE/Patrick McMullan via Getty Images)

Apartment sale to banker for Trump and Kushner probed

Apartment sale to banker for Trump and Kushner probed
Assemblyman Harvey Epstein and Senator Brad Hoylman (Epstein by Erik McGregor/LightRocket via Getty Images; Hoylman by Roy Rochlin/Getty Images)

Lawmakers introduce bill to keep rent regulation alive

Lawmakers introduce bill to keep rent regulation alive
Alex Sapir and Rotem Rosen (Getty, iStock)

Sapir Org slams Rotem Rosen with $100M lawsuit

Sapir Org slams Rotem Rosen with $100M lawsuit
China’s housing market is into bubble territory

There are fears of a great housing bubble in China

There are fears of a great housing bubble in China
Governor Andrew Cuomo (Getty, iStock)

What NYC’s phase 4 means for real estate

What NYC’s phase 4 means for real estate
Hong Kong

Foreign firms are vacating Hong Kong offices like never before

Foreign firms are vacating Hong Kong offices like never before
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...