Dallas developer Poorvesh Thakkar faces legal challenges in Manhattan while advancing his Plano Mustang Square mixed-use project.
Developer Poorvesh Thakkar of Thakkar Developers is currently entangled in a legal battle with Safehold regarding his 23-story office building at 135 West 50th Street in Manhattan. Safehold, the ground landlord, has initiated an ejection suit, alleging that Thakkar’s firm failed to pay $9 million in property taxes due in January 2025, a figure that has since escalated to nearly $28 million including interest and penalties. Thakkar, who purchased the building for $8.5 million in 2024 with plans for a residential conversion, remains in a dispute over the terminated ground lease.
In North Texas, Thakkar continues progress on his Mustang Square project in Plano. He recently sold a 3.5-acre portion of the development to an entity affiliated with Madewell Spaces, which intends to construct 13 standalone luxury office condominiums, while D.R. Horton has acquired a segment of the site for residential homesites. Thakkar asserts the project is nearing completion and full sell-out, even as he faces broader scrutiny, including ongoing SEC investigations into real estate offering fraud.
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