Jacob Frydman

Jacob Frydman
Born Jacob Frydman
September 5, 1957
New York City, New York, United States
Occupation Real Estate
Years active 1981–present

Jacob Frydman is a real estate developer and investor, investing in commercial real estate projects in New York City, and the East Coast of the United States.

Some of his real estate developments and investments in New York include the development of Two, Dag Hammerskjöld Plaza,[1] an office condominium for foreign missions to the United Nations;[2] the re-development of the Aetna Building; acquisition of the New York headquarters of the telecom company Global Crossing from Goldman Sachs,[3][4] and acquisition of 500 Tenth Avenue, which he re-developed into the DHL Center in Manhattan.[5]

United Realty Trust

Frydman is the chairman and chief executive officer of the public Real Estate Investment Trust called "United Realty Trust Incorporated, The Dual Strategy REIT."[6][7] a small public non traded real estate investment trust. The firm invests in real properties , and joint ventures with others.

The former president and co-founder resigned after suing Frydman for moving investor funds and the collapse of a real etstae transaction.[8]

Legal Issues & Fraud Charges

Frydman has been the subject of many lawsuits involving breach of contract, Fraud[9] claims and a host of illegal activities. His former compliance officer filed charges and reported numerous fraudulent acts by Jacob Frydman and United Realty Trust. ,[10] He has since recanted.

Jacob Frydman built his multi million dollar home and then stiffed many mom-and-pop contractors who worked on his estate. Frydman then countersued them over the relatively paltry amounts they’ve billed him. ,[11]

In 2012, Frydman was sued for Financial Fraud by an affiliate of Park Avenue Bank PAF Capital after having allegedly misstating his net worth.[12]

Other activities

He is a former managing partner of Hudson-York Capital LLC, a real estate investment and development firm he formed in May 1995. He is also a founding managing partner of Lambdastar Infrastructure Partners LLC,[13] a firm providing advice on and investing in U.S. infrastructure projects. In a bid said to be able to rescue the city of Harrisburg, Pennsylvania out of its bankruptcy, Frydman has offered to lease the city-owned parking and other infranstructure assets from them.[14][15]

Education

Frydman received a B.S. in Finance from Boston University and a J.D. from Case Western Reserve University School of Law.

Frydman has given guest lectures on real estate finance at Columbia University’s Masters of Real Estate Development program in the School of Architecture and in the Master’s Lecturer series sponsored by New York Law School.[16] He is a member of the board of directors of the Bardavon 1869 Opera House.[17]

References

  1. ↑ "Commercial condos meet needs of UN missions". Hagedorn Publication. 1996. Retrieved June 12, 1996. Check date values in: |accessdate= (help)
  2. ↑ HALBFINGER, DAVID (June 18, 1997). "Selling Condos to Nations: a Matter of Diplomacy". The New York Times.
  3. ↑ Weiss, Lois (December 11, 2002). "FORMER CROSSING SPOT MAY GET FOODIE STUDIO". NY Post. Retrieved December 11, 2002.
  4. ↑ "Manhattan Partnerships Shopping Westside Telecom Building". Institutional Investor. Retrieved August 10, 2004.
  5. ↑ Liskovich, Max. "DHL Takes 250,000 SF on Manhattan's West Side". CoStar. Retrieved November 22, 2005.
  6. ↑ Alec, Parower (July 19, 2012). "United Realty Follows Classic Mantra In Expansion". Real Estate Finance Intelligence. Retrieved 4 September 2012.
  7. ↑ "NYC real estate veterans form commercial property investment group". The Real Deal. Retrieved January 13, 2012.
  8. ↑ Maurer, Mark. "Ex-United exec sues firm after botched 866 UN Plaza buy". The Real Deal. Retrieved April 29, 2015.
  9. ↑ "PAF Capital LLC V Jacob Frydman et al". AM Law. Retrieved April 29, 2015.
  10. ↑ "Former compliance officer alleges fraud at nontraded REIT helmed by Jacob Frydman". Investment News. Retrieved April 29, 2015.
  11. ↑ "Real-estate honcho ‘stiffs’ contractors over measly amounts". The NY Post. Retrieved November 17, 2014.
  12. ↑ "PAF Capital Sues for Fraud". Yahoo Finance. Retrieved April 29, 2015.
  13. ↑ "The New York State Infrastructure Summit" (PDF). City and Financial. Retrieved May 12, 2009.
  14. ↑ Gnoza, Al. "Harrisburg receives 2nd bid for incinerator". ABC News. Retrieved May 6, 2011.
  15. ↑ Thompson, Charles. "Major new Harrisburg debt proposal on table". The Patriot News. Retrieved May 5, 2011.
  16. ↑ "Risk Management Seminar". New York Law School.
  17. ↑ "Bardavon brings in new board members". Times Herald Record. Retrieved July 12, 2011.

External links