Charles Cohen is rebuilding his enterprise in South Florida, however his New York Metropolis setbacks proceed to hang-out him.
Dealer Bob Knakal is suing the Cohen Brothers Realty developer for allegedly failing to pay a fee owed on a sale that closed at the start of the yr, Crain’s reported. Knakal is looking for his $1 million fee, in addition to authorized charges.
The lawsuit, which Knakal filed in Manhattan Supreme Court docket, pertains to the $141 million sale of three East 54th Road to Steve Roth’s Vornado Realty Belief.
Cohen allegedly tapped Knakal in June 2025 to assist promote the 280,000-square-foot constructing at 3 East 54th Road, in line with the lawsuit, appointing him as a co-exclusive dealer alongside Cooper Horowitz. Knakal claims to have secured 9 affords for the constructing, together with one from Extell Improvement’s Gary Barnett and the last word winner, Vornado.
Knakal alleges Cohen promised a 0.75 p.c fee on the sale value. The deal closed on January 7, however Knakal claims he was rebuffed when he introduced his invoice for a tad greater than $1 million.
The lawsuit features a copy of a signed contract between Cohen and Knakal.
Cohen Brothers claims it by no means employed Knakal for the job and the corporate’s counsel referred to the lawsuit as “frivolous litigation” from a “self-proclaimed skilled.” Knakal declined to touch upon the go well with to the publication.
The sale value of three East 54th Road got here in considerably under the $188 million Cohen Brothers had beforehand claimed to have agreed upon with an unnamed purchaser in courtroom paperwork. The deal was anticipated to generate solely $30 million towards the $187 million Cohen was court-ordered to repay to his creditor, Fortress Funding Group.
In June, Cohen happy the $187 million in liabilities after the creditor pursued him for ensures associated to defaults on a $534 million mortgage portfolio. He then flipped the script, pursuing $204 million in damages from Fortress from a foreclosures public sale involving 4 of Cohen’s former properties.
Cohen is growing the 25-story West Palm Level, a 400,000-square-foot workplace undertaking in West Palm Seaside. The undertaking obtained a deadline extension to Jan. 1, 2029, following development delays and lease default notices from the town.
The developer agreed to pay $1 million in lease and an estimated $5 million in property taxes yearly. Cohen additionally agreed to safe a $300 million development mortgage from Lendlease inside 30 days.
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