Emmes and Hello Living head to court over $12M Bronx warehouse deal

Escrow company Fidelity is caught in the middle

New York /
Mar.March 29, 2019 10:00 AM
Hello Living’s Eli Karp & 580 Gerard Street in Bronx

Hello Living’s Eli Karp & 580 Gerard Street in the Bronx (Credit: Hello Living and Google Maps)

It’s a face-off between a real estate investment firm, a developer and now, a title insurance companyk

Real estate investment firm Emmes Asset Management is suing Eli Karp’s Hello Living after the developer didn’t turn up to close on a $12 million deal on a Bronx warehouse, according to Commercial Observer.

Emmes went into contract with Hello Living on the roughly 30,300 square foot property at 580 Gerard Street in November 2018, but did not come to the closing, according to a lawsuit filed in New York Supreme Court.

They are fighting over the $1.2 million down payment. Emmes says the money belongs to them, citing Hello Living’s failure to appear at closing as a default on the agreement. Hello Living is disputing that interpretation, according to their lawyers.

“Our client takes issue with the many mischaracterizations contained in the complaint which we are presently reviewing and intend on addressing at the proper time and in the proper manner,” said Terrence A. Oved, a lawyer representing Hello Living, in an emailed statement.

Now the title insurance/escrow company, Fidelity National Title Insurance Company, has filed its own lawsuit against both Emmes and Hello Living, requesting the court provide guidance on where they should transfer the funds.

Hello Living is planning a 104-unit condominium project elsewhere in the Bronx, at 1049 Washington Avenue. The firm bought the property for $11.3 million. [CO] – Decca Muldowney


Related Articles

arrow_forward_ios
NYC’s office sublease surge slows as tenants move to reoccupy space
NYC’s office sublease surge slows as tenants move to reoccupy space
NYC’s office sublease surge slows as tenants move to reoccupy space
The Roger New York hotel at 131 Madison Avenue, Larry Korman of AKA Hotel Residences and Joe Lubeck of Electra America (Google Maps, Getty, Electra)
Electra America JV nabs Roger hotel for $71M discount
Electra America JV nabs Roger hotel for $71M discount
Oceanwide’s US business is sinking. Can it right the ship?
Oceanwide’s US business is sinking. Can it right the ship?
Oceanwide’s US business is sinking. Can it right the ship?
Demir Sabanci and 41-47 West 57th Street (Sedesco, Google Maps)
Sedesco seeks rezoning for new Billionaires’ Row skyscraper
Sedesco seeks rezoning for new Billionaires’ Row skyscraper
From left: Alvin Dworman, 155 East 55th Street, 65 West 55th Street, and 210 East 58th Street (Getty, Google Maps)
Alvin Dworman Sells 3 Manhattan Buildings for $65M
Alvin Dworman Sells 3 Manhattan Buildings for $65M
Anita Durst and images of Chashama (Photos via Getty, Chashama)
Durst-backed nonprofit puts startups into empty storefronts
Durst-backed nonprofit puts startups into empty storefronts
Berkshire Bank headquarters in 4 East 39th Street (Google Maps)
Major FiDi landlord resigns as bank chairman after stock windfall
Major FiDi landlord resigns as bank chairman after stock windfall
Nationally, just under one-third of office workers have returned to the office spaces they occupied before the pandemic. (iStock)
Employers face uphill battle luring staff back to the office
Employers face uphill battle luring staff back to the office
arrow_forward_ios

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

Loading...