Andrew Feldman is suing his former firm, New York’s Azad Property Group, for $20 million, according to The Real Deal.
The former Azad partner has filed a motion in a Manhattan Supreme Court to stop his past business associates from transferring any of the funds earned from a failed 2012 real estate deal. In the suit Feldman accuses Azad of failing to pay him the 70% commission which he was owed on a $100 million deal with Vornado for 131-137 Spring Street, a 68, 000 square foot retail property in Soho.
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In a sworn affidavit Feldman stated, “Defendants have asserted to me, at various times since I was driven out of Azad, that I was never actually a member of Azad at all, and that, therefore, I am not owed a member’s share of the proceeds of the Spring Street broker’s fee.”
Feldman had formed Azad in 2013 with two friends with whom he worked at Itzhaki Properties, Barry Farchi and Mansour Tabibina. He has now accused his former friends of forcing him out of Azad.
Feldman a co-founder of Azad and its president from January 2012 to April 2013. After leaving the firm he served as the president and CEO of Feldman Realty Equities LLC for more than a year and he is now an associate broker with Keller Williams.
AZAD Property Group (APG) is a NYC based, off-market, full service, real estate brokerage and consulting firm, focused on structuring deals, employing value added strategies, and performing due diligence and feasibility analyses for our clients. Its clients include institutional investors, property owners, developers, equity and mezzanine financial investors and lenders.
