Forget “location, location, location.”
It’s lawsuit, lawsuit, lawsuit. Here's a taste.
From Jack Sitt going toe-to-toe with his brethren, to a battle for control of Town Residential, to a disturbing case of a landlord allegedly spying on a young female resident, the real estate industry saw it all this year. The Real Deal was there every step of the way, and we’ve rounded up some of the year’s most high-profile cases.
Bellmarc’s Neil Binder in a bind
Neil Binder, co-founder of Coldwell Banker Bellmarc Group, was sued by his former business partners Anthony DeGrotta and Larry Friedman in August, claiming he allegedly embezzled hundreds of thousands of dollars and using the firm’s coffers as his “personal piggy bank.” DeGrotta and Friedman sued for $2 million in damages. Late last month, the lawsuit was settled and the business partners left Bellmarc, leaving Binder in charge. DeGrotta and Friedman have since moved to Keller Williams.
Ralph Sitt vs. Jack Sitt
A family squabble escalated into a lawsuit in November, when Jack Sitt, a former Sitt Asset Management principal, sued his brother Ralph for allegedly depriving him of millions of dollars in income. As a member of the family and a former executive, Jack claimed he had the right to look into the company’s books and wanted an equal share of Sitt Asset’s profits. In turn, Adam Leitman Baily, who represents Ralph in the suit called the it “frivolous,” saying that all the documents in question have in fact already been provided to Jack Sitt. “He’s gotten everything he asked for,” Bailey said at the time. As far as the commissions go, the attorney added, Jack “had abandoned the business during that time.”
Read the full list here.