Dallas-based Thakkar Developers faces a legal battle with Safehold over a 1M SF Manhattan office tower at 135 West 50th Street.
Dallas developer Poorvesh Thakkar is embroiled in a significant legal dispute with Safehold, the landowner of a nearly 1 million-square-foot office tower at 135 West 50th Street in Midtown Manhattan. Safehold has filed suit to eject Thakkar Developers from the property, citing a failure to meet long-term ground lease obligations that resulted in approximately $28 million in unpaid property taxes, interest, and penalties. Thakkar, who acquired the building in 2024 for $8.5 million—a 97% discount from its 2006 sale price—has since filed a countersuit against the firm.
Beyond the Manhattan office-to-residential conversion project, Thakkar Developers has encountered multiple legal and financial challenges across North Texas. The firm is currently selling entitled lots at The Avenue at Allen and Mustang Square in Plano, while previous plans for a McKinney hotel were abandoned in 2022. The company also faces pending fraud charges from the SEC, which alleges that Poorvesh and Saumil Thakkar misled investors regarding a company real estate fund.
DynamicDuo 55th LLC has filed a $40.6 million pre-foreclosure action against a building in Manhattan that Extell Development is reportedly seeking to acquire.
Rogers Builders & Development secures a $21 million loan to develop a 99-unit mixed-use project at 72 West Street in Brooklyn's Greenpoint neighborhood.
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