Broker Can't Get Piece Of $1.1B Helmsley Building Sale

Law360, New York (February 23, 2012, 6:13 PM EST) -- A broker isn't entitled to receive a commission from the $1.1 billion sale of Manhattan's iconic Helmsley Building in 2007 because it didn't do anything to secure financing for the deal, a New York state appeals court ruled Tuesday.

GCP Capital Group LLC was seeking a $1.73 million commission from the deal in which property manager Monday Properties Investments LLC, a Goldman Sachs & Co. affiliate and others bought the historic building at 230 Park Ave. in Manhattan near Grand Central Station.

Monday Properties had signed...
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