UPDATED, Sept. 27, 2022, 8:15 a.m.: A frothy finder’s fee has a Long Island farmer going scorched earth on Jamestown Properties.
Kerber’s Farm owner Nick Voulgaris is suing Jamestown and its president, Michael Phillips, claiming they failed to pay the farmer after he tipped them off on two buildings for sale in the West Village, the Commercial Observer reported. Voulgaris is seeking either the $1.6 million fee he feels he’s owed, or a 10 percent ownership interest in the buildings.
Voulgaris learned from the ex-wife of one of the co-owners the buildings at 801 and 803 Greenwich Street were for sale via forced auction. The farm owner says he approached Phillips in May 2021 about co-investing in the 10-unit, two-storefront properties.
Voulgaris claimed he kept feeding Phillips information before offering $1.5 million to the Jamestown president for an ownership stake. Phillips allegedly refused, but promised a finder’s fee instead.
A Jamestown affiliate purchased the buildings in December for $16.1 million. Afterwards, the firm disavowed Voulgaris’ role in finding the properties and refused to pony up the fee, the suit claims. Voulgaris claims there was a “scheme” by Jamestown to acquire the properties with little competition and at a below-market price.
An ownership interest in the properties could prove to be lucrative. Jamestown hasn’t filed any permits for the site, but marketing materials stated it could house a luxury residential development.
Read more
Construction
New York
Durst sues Jamestown over Times Square scaffolding
New York
Jamestown lands $425M to bring the metaverse to One Times Square
Residential
New York
Don’t fear the metaverse, says Jamestown President Phillips
Attorneys for Jamestown and Voulgaris did not respond to the outlet’s request for comment.
The Durst Organization last month sued Jamestown over its construction work at One Times Square, claiming scaffolding stretched onto its property and could prompt crime by creating an obscured area. Jamestown said the scaffolding was in place for safety reasons and the construction safety plan had approval from the Department of Buildings, and the case was dismissed after a week.
The developer is in the midst of a metaverse-forward redevelopment of the iconic property. JPMorgan Chase provided $425 million for the $500 million project, expected to wrap ahead of a summer 2024 opening.
This article has been updated to reflect the Durst Organization’s suit against Jamestown was dismissed.
— Holden Walter-Warner