Behind the demise of Advisors Commercial Real Estate

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

TRD 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
From left: 55 East 74th Street, 9 East 82nd Street, 1 Central Park South, 78 Irving Place with Adam Neumann and 111 West 57th Street (Credit: StreetEasy, Wikipedia, Getty Images)

Adam Neumann’s triplex, Russians’ Plaza pad were priciest homes listed last week

3 East 69th Street and 252 East 57th Street 

With asking prices in freefall, luxury market sees strong week

Keller Williams CEO Gary Keller

Keller Williams will cut off agents who leave

Wall Street bonus season is the stuff home sellers’ dreams, as they picture eager buyers armed with hefty bonus checks and willing to pay top price. But in a buyer’s market that vision may be more like a mirage (Credit: iStock)

Here’s what Wall Street bonus season means for real estate this year

Adam Neumann and 78 Irving Place (Credit: Getty Images and StreetEasy)

Adam Neumann is asking $37M for Gramercy Park triplex

(Credit: iStock)

Residential rents continue upward march in Manhattan, Brooklyn and Queens

Redfin's Glenn Kelman (Credit: iStock)

“It’s on like Donkey Kong”: Redfin scrambling to keep up with iBuyer demand

Don Lemon and Tim Malone with their apartment at 2280 Frederick Douglass Boulevard 

CNN’s Don Lemon lists Harlem condo with fiancé broker Tim Malone

arrow_forward_ios
Loading...