Rotem Rosen seeks $103M from Tamir Sapir’s estate

Rosen said he was cut out after “falling out” with Alex Sapir

TRD New York /
Aug.August 19, 2019 04:01 PM
Rotem Rosen and Alex Sapir with 11 Madison Avenue (Credit: iStock and Google Maps)

Rotem Rosen and Alex Sapir with 11 Madison Avenue (Credit: iStock and Google Maps)

Five years after his death, the family of real estate mogul Tamir Sapir is fighting over his fortune.

Rotem Rosen — Sapir’s former son-in-law — is seeking $103 million for his work on behalf of the family’s real estate empire, according to court documents, which cite a “falling out” between Rosen and Alex Sapir, his former business partner, brother-in-law and executor of Tamir Sapir’s estate.

Rosen, who was once CEO of the Sapir Organization, claims in court documents that he is still owed $103 million for his role in steering the family’s real estate empire through the financial crisis a decade ago. But he said he was not paid for certain deals, including the sale of 11 Madison Avenue to SL Green Realty for $2.6 billion in 2015.

Representatives for Alex Sapir and Rosen did not comment.

In court documents, Alex Sapir said Rosen is entitled to no such amount, and instead is attempting to take credit for “the work of Sapir Organization executives or personnel.” A representative for the Sapir family summed up Rosen’s claims as a “sham,” according to the New York Post.

But in a June 2019 court filing, Alex Sapir also said if Rosen prevails, his former brother-in-law would be required to share the payment with Sapir since the two were 50-50 partners in ASRR Capital, through which they conducted much of the restructuring work for the Sapir Org. In 2017, Sapir bought out Rosen’s stake in ASRR for $70 million.

Rosen and Alex Sapir formed a partnership — ultimately ASRR — to “restructure — and resurrect — Tamir’s distressed business empire,” according to Rosen’s suit. ASRR “transformed Tamir’s empire into a flourishing and successful business, resulting in more than a billion dollars of profits for Tamir and, upon his death, Tamir’s estate,” the suit states.

Until recently, Rosen was married to Alex’s sister, Zina Sapir-Rosen, who filed for divorce in April. (The two wed at a lavish ceremony at President Donald Trump’s Mar-a-Lago.)

In court documents, Alex Sapir said that Rosen’s counterclaims “represent a vexatious effort to extort a favorable outcome in an ongoing matrimonial proceeding between Rosen and Zina Sapir.”
Tamir Sapir’s assets, once worth $2 billion, shrank to around $600 million at the time of his death.

READ MORE:
Prying inside Alex Sapir’s real estate empire

Real estate magnates Rotem Rosen, Zina Sapir to divorce


Related Article

arrow_forward_ios
From left: Rotem Rosen, Zina Sapir, Tamir Sapir, Bella Sapir, Elena Sapir, and Alex Sapir (Credit: Getty Images)

Alex Sapir accused of mismanaging family fortune amid feud with Rotem Rosen

Elena Sapir and Trump Tower at 725 5th Avenue

Tamir Sapir’s widow sells Trump Tower pad

Alex Sapir and 218 Madison Avenue (Credit: Getty Images)Alex Sapir and 218 Madison Avenue (Credit: Getty Images)

With sights set on Miami, Sapir looks to sell NYC dev site

Rotem Rosen and Zina Sapir

Real estate magnates Rotem Rosen, Zina Sapir to divorce

Alex Sapir borrows from father’s estate to pay off Israeli bonds

Rotem Rosen-led partnership buying development site off Billionaires’ Row

Hanes takes another floor at Sapir’s
260 Madison

All in the family: Alex Sapir turns to relatives to complete Surfside development

arrow_forward_ios