Good People, Good Times

Here is a wild story from the New York Post.  It details the elevator butt-kicking former United Realty executive Jacob Frydman received from his ex-business partner Eli Verschleiser.  I bet investors in United Realty (now First Capital Real Estate Trust) would have liked to have had a few whacks in that thumping.  The following is from the article:

Once inside, “Verschleiser struck Frydman with his fists about the head, abdomen and legs,” the suit claims.

Then he “scratched Frydman’s face and pulled out portions of Frydman’s hair,” according to court papers.

Frydman attempted to hit the emergency button while screaming for help, but Verschleiser towered over him, pressing the upper-floor button and then stomping on the older man’s chest, the suit says.

“If you do not immediately end the lawsuits against me, I will put an end to you,” Verschleiser allegedly warned.

This is an ugly story, but the lie in the first sentence taints the whole article.  It states that Frydman is the "head of a $2 billion Manhattan real estate company."  Please.  This knuckle head and his assailant formed United Realty, could not raise any real money, had the REIT buy garbage real estate (some of which from Frydman and none of which was in Manhattan), then sold the REIT's advisor for $25 million to someone dumber than Frydman.

The following property descriptions are from United Realty's June 30, 2015, 10-Q, the last financial statement that either United Realty or the renamed First Capital Real Estate Trust filed:

As of June 30, 2015, we owned a 69.2% interest in a joint venture that owns a residential property located at 2520 Tilden Avenue in Brooklyn, New York, or Tilden Hall, a 14.6% interest in a joint venture that owns a residential property known as 14 Highland Ave., Yonkers, New York, or 14 Highland, a medical building located at 945 82 ^nd Parkway, Myrtle Beach, SC, or Parkway, an office building located at 7 Carnegie Plaza, Cherry Hill, NJ, or 7 Carnegie, an undeveloped land parcel on Route 9, Ulster County, NY, or Route 9W, and a 7.26% interest in a joint venture that owns a commercial building located at 402-404 Lippincott Drive, Marlton, NJ, or the Lippincott Property. In addition, as of June 30, 2015, we owned a 76.7% interest in a joint venture that owns a mortgage note secured by properties located at 58 and 70 Parker Avenue, in Poughkeepsie, NY, or Parker.

Google map some of these gems and tell me Frydman is a $2 billion dollar man.