One of real estate’s biggest and most bitter family feuds has come to an end.
Five months after a court ruling in favor of Alex Sapir, son of the late real estate magnate Tamir Sapir, the scion and Rotem Rosen — the patriarch’s former son-in-law — settled their legal disputes.
Rosen had alleged he was owed $103 million from Tamir Sapir’s estate for his work as CEO of the family’s real estate empire during the financial crisis. He also claimed he was not paid for certain deals, including the sale of 11 Madison Avenue to SL Green Realty for $2.6 billion in 2015.
On June 7, following oral arguments, Surrogate Court Judge Rita Mella dismissed Rosen’s claim in its entirety. On Nov. 22, Sapir and Rosen formally resolved their multiple legal fights. Terms were not disclosed, but the judge’s ruling gave Sapir the clear upper hand in negotiations.
“We never wavered in our belief that Rosen’s $103 million suit was meritless and would be dismissed in full,” Sapir’s attorney, Terrence Oved, said in a statement. “We are pleased that the court saw things our way.”
Rosen’s attorneys said in a statement that “the parties amicably resolved all their disputes on confidential terms.”
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Commercial
New York
Rotem Rosen seeks $103M from Tamir Sapir’s estate
Commercial
New York
Rotem Rosen wins round in fight with Alex Sapir over Tamir Sapir’s estate
Commercial
New York
The Sapir & Rosen feud: Theft and betrayal at a family real estate empire
The two men and their lawyers have been waging war for years.
Sapir, as CEO of the Sapir Organization, initiated a $100 million suit against Rosen, alleging that Rosen and his brother stole tens of millions of dollars and proprietary information from the company. The case was dismissed.
Rosen also sued Sapir, claiming that Sapir defaulted on a $60 million promissory note connected to Rosen’s 2017 buyout. The case marked the beginning of the end of their relationship.