Top Real Estate Broker Aaron Jungreis sues his own nephew Raphael Toledano. Jungreis says that Toledano has screwed him over $100 million village deal.
New York Daily News reports that Aaron Jungreis, one of the most powerful real estate brokers in the city, has been ripped off by his own nephew. The report says that Raphael Toledano is now being sued for "allegedly agreeing to form a joint venture with his uncle to acquire the buildings," but then has gone behind his uncle's back to buy the property of East Village himself.
The court paper says that Aaron Jungreis has been screwed "out of a $100 million deal to buy a portfolio of sixteen buildings in the East Village." Also, in the court document, Jungreis said that he has facilitated the professional growth including the personal wealth of Toledano. He also mentioned that his nephew "has used his family connection" to him, and that he has also freely shared his prospective clients and has helped Toledano obtained his own business.
Real Deal says that Rosewood Realty Group's Aaron Jungreis has felt stunned learning that his nephew betrayed his trust. In his statement, Jungreis has mentioned that the young man is "motivated solely by greed." Toledano has proceeded with the negotiation and has signed the contract with out the knowledge of elite broker.
Jungreis has filed the lawsuit in the New York State Supreme Court on Thursday. The claim states that Raphael Toledano, who runs Goldmark Property Management, has made an oral agreement with his uncle to a joint venture in buying the properties from the Tabak family. The document also states that Toledano "allegedly agreed to contribute half of the capital for the portfolio and eventually half of the profits or losses from the properties." They have been on this deal since February 2014 until June 2015. Then in the end, the nephew didn't keep his side of the bargain. "Toledano took the first opportunity to betray the joint venture arrangement to which he was legally obligated, and his uncle's trust," the complaint states.
As of press time, neither Aaron Jungreis nor Raphael Toledano could be reached for comments. This is not the first time that Raphael has been in trouble with his real estate transaction. He has been previously entangled with other legal issues like his " alleged strong-arming of rent-regulated tenants."
