Real Estate

Magnum Real Estate Sued Over Tribeca Condo Reserve Fund

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Unit owners are accusing Ben Shaoul’s firm of stiffing them on reserve-fund money for the Tribeca condominium 87 Leonard. But the law might not be on their side. The board of managers on Tuesday sued Shaoul’s Magnum Real Estate, alleging the developer was required to put another $1.89 million in sales proceeds into the building’s reserve fund. The board seeks that money plus fines and penalties for a total of about $7.6 million. The boutique The post Tribeca condo owners sue Magnum Real Estate, seeking $7.6M appeared first on The Real Deal New York.

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