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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.