Neil Shekhter will have to give up disputed 9 buildings to AEW: ruling

Los Angeles /
Dec.December 05, 2016 03:00 PM

Santa Monica Neil Shekhter will have to cede control of nine Westside multifamily properties to AEW Capital Management as part of the judgment in a legal dispute.

A Los Angeles Superior Court judge ruled Friday in a dismissal that the the real estate mogul forged documents, destroyed evidence, and committed perjury in its joint venture dispute with AEW, the L.A. Business Journal reported, and will now have to relinquish control of the assets in addition to paying for AEW’s $6 million legal fees.

The nine properties include the Luxe apartment developments in West Hollywood, Culver City and Santa Monica.

The courtroom saga began in 2014 when Shekhter and his company NMS Capital Partners sued AEW for violating terms that would have allowed him to buy out the Boston firm. AEW fought back by filing a counter lawsuit accusing Shekhter of tweaking documents to support his own claims. [LABJ]Cathaleen Chen


Related Articles

arrow_forward_ios
9710 Zelzah Avenue with NMS Properties' Neil Shekhter and Bascom's Derek Chen (top right), David Kim (bottom right) and Jerry Fink (bottom left) 
Shekhter sheds two SF Valley properties for $52.5M
Shekhter sheds two SF Valley properties for $52.5M
Neil Shekhter and 21021 Vanowen Street in Canoga Park (Google Maps, Shekhter by Kevin Scanlon)
Shekhter sells Canoga Park apartments
Shekhter sells Canoga Park apartments
Neil Shekhter, WS Communities CEO Scott Walter and 1550 Lincoln Boulevard
Shekhter’s WSC gets $125M loan for LA resi developments
Shekhter’s WSC gets $125M loan for LA resi developments
Tishman Speyer to buy major Santa Monica resi portfolio
Tishman Speyer to buy major Santa Monica resi portfolio
Tishman Speyer to buy major Santa Monica resi portfolio
Neil Shekhter (Shekhter by Kevin Scanlon; iStock)
Santa Monica mega-portfolio officially hits market
Santa Monica mega-portfolio officially hits market
NMS Properties' Neil Shekhter and renderings of 1325 6th Street, 1437 6th Street, 1430 Lincoln Blvd. and 1318 Lincoln Blvd. in Santa Monica (Kevin Scanlon, WSC)
City for sale: Shekhter looks to unload mega-portfolio in Santa Monica
City for sale: Shekhter looks to unload mega-portfolio in Santa Monica
Neil Shekhter of NMS Properties, who is involved in the lawsuit. (Kevin Scanlon)
Landlords sue Santa Monica over “arbitrary” ban on short-term rentals
Landlords sue Santa Monica over “arbitrary” ban on short-term rentals
Neil Shekhter with NMS 1548 Sixth and NMS Northridge
NMS Properties’ multifamily portfolio goes to special servicing, but why?
NMS Properties’ multifamily portfolio goes to special servicing, but why?
arrow_forward_ios

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

Loading...