The Return of Sheldon Solow
Litigious billionaire landlord Sheldon Solow has returned to work, fired the man just hired to manage his real estate operations, and re-engaged in litigation with his one-time partner, the Fischer real estate family, according to a pretty awesome article just filed by Charles Bagli.
As is Mr. Solow’s wont, his reemergence at the helm of the firm, following a brief absence, has caused all sorts of waves:
Mr. Solow’s apparent refusal to approve any deals for a giant block of vacant space – 800,000 square feet – at his 50-story skyscraper at 9 West 57th Street prompted the real estate broker CB Richard Ellis to quit, for the second time in seven months, according to real estate executives who spoke on the condition of anonymity rather than risk incurring Mr. Solow’s legal wrath.
…Stephen B. Siegel, a top broker at CB Richard Ellis, quit last November and subsequently filed a lien for $1.6 million in unpaid commissions. Mr. Siegel’s friends say that he became frustrated with Mr. Solow’s refusal to lease space for anything less than boom-time rents of $200 per square foot. Effective rents have fallen about 45 percent since the peak.
Further, Jay Fischoff, the guy Mr. Solow’s son hired to manage the firm in his father’s absence, has been sacked. And his son Stefan? “He is back on the family wheat farm in Kansas.”
Read the whole hugely entertaining article here.