Inside the ownership structure of 111 West 57th St. AmBase dilution suit against JDS, PMG offers rare glimpse into organizing structure of $1.45B project
Who really owns the city’s biggest development projects? It’s a question that has stumped industry observers for years, as investors typically operate from behind LLCs and ownership stakes are closely-guarded secrets.
On Friday, AmBase Corp, a Florida-based investor in 111 West 57th Street, filed a $105 million lawsuit against JDS Development Group and Property Markets Group, alleging the developers engaged in a scheme that diluted AmBase s equity stake in the supertall condominium project.
Contained in the lawsuit was an exhibit that detailed the ownership of the Billionaires Row tower. Though the document detail新爱上海同城对对碰论坛 ed ownership at the time the partnership was first struck in 2013, and there have been changes since then, it still provides a rare look into the labyrinthine structures used on large-scale projects.
The tower is slated to rise to a height of 1,438 feet, and has a projected total sellout of $1.45 billion for its 60 units, according to an offering plan fil上海千花网龙凤论坛 ed with the New York Attorney General. JDS and PMG have delayed sales at the tower, acknowledging the market isn’t as receptive to high-end project as it was a year ago.
According to the exhibit, behind a web of shell corporations there were five principal investors in 111 West 57th Street at the project s outset in 2013: PMG principals Kevin Malone[……]