Lawsuits

Former Bayrock Consultant Files $5M Suit Over Development Deal

Trump Soho at 246 Spring Street

An ex-con has filed a lawsuit claiming that Jody Kriss, his ex-business partner at Bayrock Group, “used mob tactics” to try to get his half of a $2.5 million payout in a land deal, according to a new lawsuit reported by the New York Post.

The suit stems from Salvatore Lauria, a Mafia-associate-turned-informant, allegedly brokering an $85 million real estate deal with the FL Group of Iceland in 2007.
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Sales Beat

CIM Group Pays $104 M. for 5 Hanover Square

hanover

An affiliate of Los Angeles-based CIM Group has purchased 5 Hanover Square from Savanna’s The Savanna Fund II REIT for $104 million.

The 25-story, 330,000-square-foot building, located on the northern side of Hanover Square, between Pearl and Beaver Streets in Manhattan’s Financial District, also contains roughly 7,500 square feet of retail on the ground floor. Read More

Sales Beat

CIM Group Scoops 225 Fifth Avenue in the Flatiron District for $78 M.

(Credit: CIM Group)

Los Angeles-based real estate investment firm CIM Group has closed on its purchase of the retail portion of 225 Fifth Avenue in the Flatiron District for more than $78 million, city records show.

The retail property consists of two parcels totaling 40,079 square feet and is currently 100 percent leased to a number of long-term tenants including JP Morgan Chase, 24 Hour Fitness, Verizon Wireless, and United States Postal Service. Read More

Power Broker

The brouhaha behind the Ground Zero mosque introduced Adam Leitman Bailey to the world. So what’s next for real estate’s most public attorney?

Adam Leitman Bailey.

Adam Leitman Bailey strode into the lobby of his lower Manhattan law firm dressed in a dark blue suit and blue shirt, his extended cuffs all but dangling from his jacket. No sartorial misstep, Mr. Bailey would explain. The cuffs protruded noticeably beyond his jacket sleeves for a reason.

“It’s essential,” said Mr. Bailey, the attorney who last year garnered national attention as counselor for the Ground Zero mosque developer Sharif El-Gamal. “I’ve studied everything about the court room. It’s a subconscious thing, but this shows a jury you have nothing to hide.”

As if to prove his point, Mr. Bailey awkwardly tucked the sleeve of his shirt back inside his jacket. “See?” said the attorney, who takes the nuances of his dress code so seriously that every new associate at the law firm shops for their first suit with him so that he can personally give them a lesson in proper courtroom attire. “You’re hiding something.” Read More