Developer Neil Shekhter must cough up $6M for AEW’s legal fees

Los Angeles judge said she would rule in favor of his opponent

May.May 09, 2017 12:30 PM
Neil Shekhter and a rendering of NMS Properties’ Wilshire & La Jolla tower at 6401 Wilshire Boulevard (Credit: Urban Land Institute, Steinberg Architects)

A Los Angeles judge indicated that she would deny Santa Monica developer Neil Shekhter’s bid to avoid paying $6 million in fees to capital management firm AEW, following a legal battle between the two companies.

The $6 million is related to sanctions imposed on Shekhter for allegedly forging a document key to the 2014 suit, which centered around control of nine Westside multifamily properties, including luxe apartment developments in West Hollywood, Santa Monica and Culver City.

Last year, Shekhter was ordered to relinquish control of the assets in addition to paying for AEW’s $6 million legal fees.

The decision is just the latest in the saga between Shekhter and AEW. In the 2014 suit, Shekhter and his firm NMS accused AEW of reneging on terms allowing NMS to buy out AEW’s stake in a joint venture.

AEW then countersued, alleging that Shekhter forged documents and violated the terms of their joint venture agreement. [LAW360] — Subrina Hudson

Related Articles

Lightstone’s Eugene Rozovsky, Neil Shekhter and a rendering of 1650 Lincoln Boulevard

Lightstone provides $44M loan to Shekhter-owned WS Communities

From left: Saeed Nourmand, Michael Nourmand, Grant King and Richard Heyman

Relevant Group sues Nourmand & Associates’ founder, alleging extortion over hotel projects

Centennial founder and CEO Steven Levin with a rendering of the project

Centennial Real Estate approved for sprawling $300M mixed-use village

Apartment complex at 1435 Stanley Avenue and Raintree Partners CEO Jeffrey Allen (Credit: Apartment Finder)

Raintree Partners spends $79M on Glendale multifamily portfolio

LA Mayor Eric Garcetti

Down goes Measure EE: Property tax referendum routed at polls

CIM Group Founders, Shaul Kuba, Richard Ressler, and Avi Shemesh and 4750 Wilshire Boulevard (Credit: Google Maps)

CIM Group lists part of its Miracle Mile office campus

Arman Gabay and The Springs shopping center in Palm Springs, part of the 14-property portfolio

Charles Co. secures $215M refi for retail portfolio

Joon Choi, principal at Harbor Associates, and 2400 Conejo Spectrum Street (Credit: Google Maps)

Harbor Associates leases up then sells off its Thousand Oaks office park