Veteran dealmaker Joseph Tabak has facilitated over $13 billion worth of real estate transactions in his three-decade-plus career. Now, he’s being sued over less than $50,000.
The Princeton Real Estate Partners chairman has been skipping out on rent at his Hudson Yards apartment, Related Companies alleges.
Rent for Tabak’s unit at 530 West 30th Street costs $9,600 per month, but January is the last time Related received a payment, the landlord claimed in a complaint filed Tuesday. Related is seeking $48,000 in back payments for rent and electricity.
A similarly priced unit in the building offers two bedrooms and two baths, according to StreetEasy. Located near the High Line in Chelsea, the building offers amenities that attracted high-paying tenants prior to the pandemic.
Related’s complaint alleges that Tabak has not signed to renew his lease past March and therefore remains a month-to-month tenant. An attorney for Related declined to comment, and neither the organization nor Tabak immediately returned requests for comment.
A statewide moratorium on residential evictions remains in effect until Aug. 31, although a group representing New York City landlords recently called on Governor Cuomo to end pandemic-era protections for renters by immediately rolling back the moratorium.
Known by some industry players as the “real estate doctor” for his approach to structuring transactions, Tabak has played key behind-the-scenes roles in numerous notable deals, including the sale of 450 West 33rd Street in 2007 for $700 million. A few years later, he tangled with some of the city’s biggest landlords over the Ring portfolio, a 14-building prize in Midtown South. Princeton Realty recently retained a 50 percent stake in an East Williamsburg warehouse that traded this year for $31 million.