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Los Angeles

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

Neil Shekhter and a rendering of NMS Properties' Wilshire & La Jolla tower at 6401 Wilshire Boulevard (Credit: Urban Land Institute, Steinberg Architects)
Neil Shekhter and a rendering of NMS Properties' Wilshire & La Jolla tower at 6401 Wilshire Boulevard (Credit: Urban Land Institute, Steinberg Architects)

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.

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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

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AEW Capital ManagementNeil ShekhterNMS Properties