Behind the demise of Advisors Commercial Real Estate

Its CEO Suneet Singal racked up 19 NYC lawsuits in five years

New York /
Feb.February 21, 2019 04:30 PM

ACRE’s NY office at 1407 Broadway and Suneet Singal (Credit: Facebook)

Newly-rebranded Advisors Commercial Real Estate did not get off to a great start. Just months after the brokerage formerly known as Coldwell Banker Commercial Advisors was acquired by Sacramento-based First Capital Real Estate, vendors started to complain.

Data giant CoStar shut off its service for nonpayment. Phone and furniture-leasing companies threatened to do the same. And finally, towards the end of last year, the company was evicted from its New York office at 1407 Broadway for months of unpaid rent.

Brokers at the shuttered firm blame new owner Suneet Singal for the collapse, Crain’s reported. Public records show at least 19 NYC lawsuits involving Singal from the past five years, and as many lawsuits in Sacramento over the past 15 years.

“Everyone Googled him and was concerned by what they saw,” a former broker told Crain’s. Plaintiffs in the lawsuits included former business associates, employees, landlords and lenders. According to one 2017 suit, First Capital itself was kicked out of 60 Broad St. in Lower Manhattan for nonpayment of rent.

Singal deflected these concerns, saying such litigation “comes with the territory when we buy distressed companies” in a statement to Crain’s. “I have a decent net worth, and, being the guy at the helm, I get named personally. But that does not mean I have the liability.” [Crain’s] — Kevin Sun


Related Articles

arrow_forward_ios
CBRE CEO Bob Sulentic. (CBRE, Getty)
CBRE’s 2020 earnings down 8%
CBRE’s 2020 earnings down 8%
January is the second consecutive month of increase in new home sales. (Getty)
Sales of new homes up 4.3% in January
Sales of new homes up 4.3% in January
(iStock/Illustration by Alexis Manrodt for The Real Deal)
US home prices are more than 5% too high: Fitch
US home prices are more than 5% too high: Fitch
The Texas snow storm was partly responsible for the decline in mortgage applications. (Getty)
Texas storm, increasing rates freeze home mortgage market
Texas storm, increasing rates freeze home mortgage market
330 Sackett Street and 72 Hicks Street (Compass, iStock)
Townhouses dominated Brooklyn luxury contracts — again
Townhouses dominated Brooklyn luxury contracts — again
Elliott Management's Paul Singer (Getty, iStock)
Some Wall Street investors trade NYC for South Florida
Some Wall Street investors trade NYC for South Florida
From left to right: Keller Williams president Marc King, Carl Liebert, CEO of KWx, the parent holding company of KW and Gary Keller, executive chairman, KWx and Keller Williams. (Keller Williams/Illustration by Kevin Rebong for The Real Deal)
Keller Williams shakes up its C-suite
Keller Williams shakes up its C-suite
(iStock)
US home prices jump 10.4% in best year since 2013
US home prices jump 10.4% in best year since 2013
arrow_forward_ios

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

Loading...