Jury Convicts Ex-Vornado Exec in Fake Brokerage Scheme

A former Vornado Realty Trust leasing executive who once managed some of Times Square’s splashiest signage is staring down a prison sentence instead.

Jared Solomon was found guilty on all counts in his federal fraud trial, capping five days of proceedings that peeled back what prosecutors described as a yearslong scheme to siphon millions from the real estate investment trust. The verdict came quickly — jurors deliberated for about 90 minutes — and U.S. District Judge Loretta Preska ordered Solomon taken into custody immediately, citing concerns he posed a flight risk.

The government’s case hinged on a simple but lucrative setup: while working in Vornado’s leasing department, Solomon allegedly created a trio of sham brokerage firms that operated on the opposite side of his own deals. He then steered commissions to those entities, billing his employer for that work. In total, Solomon pocketed roughly $9.5 million, according to prosecutors.

Prosecutors argued he used the proceeds to bankroll a high-end lifestyle, including multimillion-dollar homes in Westchester and on the Upper East Side, along with luxury perks like a Porsche and membership to an exclusive country club.

The defense, meanwhile, tried to frame the arrangement as undisclosed but legitimate outside brokerage work. That argument took a hit mid-trial when prosecutors revealed Solomon had previously admitted during a proffer session that one of the key entities, Margoux Media, was not a real company and that he falsified documents tied to it.

Those contradictions undercut the defense’s opening claim that “there’s no fake company,” and gave prosecutors an opening to portray the scheme as deliberate deception rather than an industry gray area.

Witness testimony reinforced that narrative. Vornado leasing head Glen Weiss told jurors he had no reason to suspect Solomon was effectively on both sides of deals, saying, “I trusted Jared Solomon.”

Among the assets tied to the scheme was the high-profile digital billboard at 1540 Broadway, where Solomon allegedly played broker for landlord and tenant alike.

Solomon, who spent more than a decade at Vornado, now faces a maximum sentence of 13 years. Sentencing is scheduled for Aug. 4.

The case lands as a cautionary tale for broker-adjacent roles inside major landlords, where blurred lines around commissions and side deals can quickly veer into criminal territory — especially when the paper trail doesn’t hold up.

If we held a TRD draft for the best New York City stories from the final full week of April, these are the articles that would hear their names called.

“Bags of cash”: Steven Ostad accused brothers of exclusion and mismanagement

Steven Ostad sued his older brothers, Michael and Edward, for allegedly excluding him from their joint real estate portfolio and lending business.

Steven claims that Michael and Edward skimmed rental income, which was sometimes received as “bags of cash,” to keep off the books and artificially deflate property values.

Attorneys for Michael and Edward denied the claims, calling the lawsuit a “baseless” attempt to grab cash.

Michael Stern seeks to unmask anonymous “smear campaign” operator

JDS Development Group founder Michael Stern filed a petition in New York State Supreme Court to identify the anonymous operator of a website, JDSPulse.com, and affiliated social media accounts, which he claims are waging a “coordinated and sustained anonymous smear campaign” against him and his firm.

The website and social media accounts accuse Stern of being a “convicted felon” and running a business “built on deception, forged documents, and financial manipulation” — claims Stern calls “demonstrably and categorically false.”

Stern is asking the court for permission to subpoena companies like Meta, X, Cloudflare, Namecheap and Google to unmask the anonymous poster, whose actions have allegedly strained investor relationships and been cited in separate litigation.

Roosevelt Island hotel lender looks to claw back $77M

ACRES Capital is suing an affiliate of AJ Capital Partners for over $79 million after the Graduate by Hilton hotel on Roosevelt Island ceased operations.

The lawsuit stems from the hotel defaulting on a $76.5 million loan from ACRES and having its 65-year ground lease terminated by Cornell University.

The ground lease termination triggered a full recourse guaranty, allowing ACRES to seek the full loan value from the AJ Capital fund entity, the company argues.

Developers scoop up site at center of Brooklyn rezoning fight

A trio of developers acquired an assemblage at 962 Pacific Street and the adjacent property at 863 Dean Street that was once at the center of a contentious rezoning battle.

The joint venture plans to build a mixed-use project consistent with the city’s newly-approved Atlantic Avenue Mixed Use Plan.

Avery Hall and Brodsky will lead the development, while Monadnock will serve as the general contractor; Maxim Capital Group provided the acquisition loan.