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
Proptech revolution grows as landlords turn to big data to manage properties
Proptech revolution grows as landlords turn to big data to manage properties
Proptech revolution grows as landlords turn to big data to manage properties
Lightstone Group CEO David Lichtenstein and 145 Bowery (Lightstone, Google Maps, Moxy Hotels)
Lightstone receives $130M construction loan for new Moxy hotel on LES
Lightstone receives $130M construction loan for new Moxy hotel on LES
34-20 Junction Blvd in Jackson Heights and Shorewood CEO S. Lawrence Davis (Google Maps, Shorewood)
Shorewood plans 227K-sq ft mixed-use project in Jackson Heights
Shorewood plans 227K-sq ft mixed-use project in Jackson Heights
Slate founding partners Blair Welch and Brady Welch (Slate, iStock)
RE-focused investment firm Slate raises $600M for private-credit fund
RE-focused investment firm Slate raises $600M for private-credit fund
Scott Rechler, CEO of RXR Realty and The Real Deal's Amir Korangy
Coffee Talk: Scott Rechler on beating the pandemic
Coffee Talk: Scott Rechler on beating the pandemic
L&L Holding’s David Levinson and Columbia Property Trust's Nelson Mills with a rendering of 261 11th Avenue (L&L, Columbia Property Trust, Terminal Warehouse)
L&L, Columbia Property Trust land $1.3B loan for Chelsea office project
L&L, Columbia Property Trust land $1.3B loan for Chelsea office project
Pandemic lockdowns for all three cities started in the last full week of March 2020, but office use had already plunged the week before as companies proactively sent workers home (iStock)
Manhattan lags Chicago, LA in returning to the office
Manhattan lags Chicago, LA in returning to the office
Pandemic could cut assessed property values by 10%
Pandemic could cut assessed property values by 10%
Pandemic could cut assessed property values by 10%
arrow_forward_ios

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

Loading...