Yves Salomon, Joe Sitt, Burt H. accused dweck


790 Madison Ave., Thor Equities CEO Joe Sitt and Burt H. Dweck (Google Maps, Thor and Premier Equities)

Like residential renters, high-end style retailers anticipate their safety deposit to be returned after they transfer out. However the greenback determine has a digit or two and is extra more likely to be sued if the cash just isn’t returned.

Living proof: Yves Salomon, Joe Sitt and Burt H. Dweck.

Based on a lawsuit filed on June 7, the retailer charged Sit’s Thor Equities and the owner’s enterprise associate Dweck for refusing to return a $360,000 safety deposit after the style home’s lease expired at 790 Madison Avenue, and fraudulently He’s accused of refusing to ship cash to his private accounts. Manhattan.

The state lawsuit additionally names East thirty third Realty LLC, an entity owned by Sitt that served as landlord to Yves Salomon, and Jensen Equities, an organization by means of which Dweck allegedly made the transfers. Acquired.

Yves Salomon paid his safety deposit to the LLC when the Paris-based retailer opened its first New York Metropolis location at 790 Madison Avenue in 2015. Dweck was the director of Thor’s lease on the time and was accountable for receiving such funds in accordance with the lawsuit.

When Yves Salomon’s lease expired and the corporate vacated the place in March 2020 – because the pandemic shut down New York – Sit reportedly didn’t hand over the safety deposit. When questioned by the retailer, all he heard was “the sound of cricket,” in accordance with his lawsuit.

Yves Salomon sued the previous thirty third Realty LLC in federal courtroom later that yr to get better the deposit. Firm legal professionals stated the sit ignored the go well with, and final August, the courtroom awarded Yves Salomon a judgment of about $404,500 — the deposit, plus 9 p.c curiosity and different prices.

However in accordance with the newest lawsuit, the sit did not even discover that, in addition to the post-judgment search and summons.

By a spokesperson, Thor Equities expressed ignorance.

“Administration and management of this asset has way back been transferred to Bert Dweck of Premier Equities,” the spokesperson stated in an announcement. “Thor was not conscious of the allegations, and will probably be investigated.”

The costs transcend failure to return the deposit. Legal professionals for the style home grabbed Sit’s books to see the place the cash went.

He summoned East thirty third Realty LLC’s account information in Signature Financial institution, alleging that Sit used the entity as his “private piggy financial institution” between June 2019 and Might 2020.

Based on financial institution information, Sitt, listed as the only managing member of the account, allegedly transferred round $600,000 to himself and Dweck’s Jensen Equities as of 2019. Based on the lawsuit, $600,000 consisted of distributions and proceeds from abroad public sale gross sales.

Legal professionals for Yves Salomon claimed that Sitt allegedly blended his enterprise property with private cash and drained East thirty third Realty LLC’s account, leaving him unable to return the safety deposit.

He wrote within the go well with, “Mr. Sit has been so dominant over East thirty third Realty, and its separate existence as an entity has been so uncared for that in any respect related instances it has primarily transacted the enterprise of Sitt.” did.” “The unity of curiosity and management between East thirty third Realty and Mr. Sit was such that they’re indistinguishable.”

Firm legal professionals accused Sitt of utilizing the entity to forestall Yves Salomon from receiving his safety deposit, and that the transfers have been made with the intention of delaying funds.

Legal professionals for Yves Salomon wrote within the lawsuit that Sitt and Dweck’s silence was “astonishing, but sadly predictable” as a result of “the $360,000 is gone.”

Financial institution information additionally present that East thirty third Realty LLC’s accounts “had unreasonably small capital to run their enterprise” and didn’t pay their money owed after they have been due. Based on the lawsuit, the sum of the entity’s property was lower than its money owed.

Legal professionals for Yves Salomon, utilizing the time period “badge of fraud”, accused Sit and Dweck of realizing that the entity was bancrupt.

The corporate is in search of $404,500, plus 9 p.c curiosity as of final August.



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