Real Estate

Macklowe sued by Saudi investor over 432 Park retail deal

therealdeal.comA Saudi investor is suing Harry Macklowe’s Macklowe Properties, claiming he was cut out of a joint venture agreement to acquire the retail portion of CIM Group’s 432 Park Avenue luxury condo tower.

Dr. Hamza Al Kholi claims he entered an agreement with Macklowe last year to help secure $450 million in funding for the acquisition of retail space at 432 Park Avenue, according to a lawsuit filed Tuesday in New York State Supreme Court.

While Macklowe and Qatari investment bank QInvest reached a deal to purchase the retail space from CIM Group for $450 million last year, Al Kholi alleges he was excluded from the final negotiation process and never received a 2 percent equity stake he says he was promised for securing funding for the acquisition.

Categories: Real Estate

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