Behind the demise of Advisors Commercial Real Estate

Its CEO Suneet Singal racked up 19 NYC lawsuits in five years

ACRE's NY office at 1407 Broadway and Suneet Singal (Credit: Facebook)
ACRE's NY office at 1407 Broadway and Suneet Singal (Credit: Facebook)

Newly-rebranded Advisors Commercial Real Estate did not get off to a great start. Just months after the brokerage formerly known as Coldwell Banker Commercial Advisors was acquired by Sacramento-based First Capital Real Estate, vendors started to complain.

Data giant CoStar shut off its service for nonpayment. Phone and furniture-leasing companies threatened to do the same. And finally, towards the end of last year, the company was evicted from its New York office at 1407 Broadway for months of unpaid rent.

Brokers at the shuttered firm blame new owner Suneet Singal for the collapse, Crain’s reported. Public records show at least 19 NYC lawsuits involving Singal from the past five years, and as many lawsuits in Sacramento over the past 15 years.

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“Everyone Googled him and was concerned by what they saw,” a former broker told Crain’s. Plaintiffs in the lawsuits included former business associates, employees, landlords and lenders. According to one 2017 suit, First Capital itself was kicked out of 60 Broad St. in Lower Manhattan for nonpayment of rent.

Singal deflected these concerns, saying such litigation “comes with the territory when we buy distressed companies” in a statement to Crain’s. “I have a decent net worth, and, being the guy at the helm, I get named personally. But that does not mean I have the liability.” [Crain’s] — Kevin Sun