Broker accuses SL Green of stiffing her on $1.4M commission

Lori Shabtai’s lawsuit says she was offered $100K “tip” for Madison Avenue building sales

New York /
Jul.July 29, 2020 12:15 PM
Lori Shabtai and SL Green CEO Marc Holliday (Getty, SL Green)

Lori Shabtai and SL Green CEO Marc Holliday (Getty, SL Green)

Broker Lori Shabtai claims SL Green shafted her on a $1.4 million commission, instead offering her an “insulting ‘tip’ of $100,000.”

The broker filed a lawsuit detailing the allegations against the big commercial landlord, Crain’s reported.

Shabtai claims she is due the commission from two deals she brokered in 2018 for SL Green at 710 and 712 Madison Avenue with jeweler Graff, a tenant at 710 Madison.

Graff bought 710 Madison for $66.5 million and entered into a $12.4 million, 25-year ground lease at 712 Madison. Shabtai says she is owed a 2 percent commission for the sale and 1.75 percent for the lease.

Her attorney, David Jaroslawicz, claims that the collapse of SL Green’s unrelated deal to buy the Daily News Building and its plummeting stock is part of the reason why Shabtai wasn’t paid her commission. The company’s share price is less than half of its peak in February, before the pandemic walloped the New York City office market, which is the firm’s focus.

In April, SL Green’s CFO Matthew DiLiberto unveiled what he called its “billion-dollar plan” — amassing a mountain of cash to weather the pandemic.

SL Green did not comment to Crain’s on the lawsuit. [Crain’s] — Erin Hudson


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