A courtroom dismissed a lawsuit from Stefano Farsura, after the Douglas Elliman agent and investor alleged he was frozen out of his investments in a luxurious spa.
Italian spa enterprise QC Terme partnered with Farsura in 2011 for an growth to North America, beginning with New York. Below the settlement, Farsura would maintain a 22 p.c minority stake within the enterprise.
Farsura — a managing companion of actual property funding and growth agency Colonnade Group and husband to former “Million Greenback Itemizing New York” solid member Kristen Jordan — introduced QC Terme to Governor’s Island. The grievance mentioned the developer secured engineers, native architects, attorneys and consultants, together with orchestrating the lease, receiving a $20 million tax credit score, introducing buyers to the challenge, and convincing the Landmarks Preservation Fee to vote in favor of approving the challenge.
Farsura was not reimbursed for his efforts, in keeping with the lawsuit, which was filed in New York Supreme Courtroom in November 2021.
Issues modified when personal fairness investor Whitebridge entered the image and purchased 47 p.c of QC Terme’s worldwide enterprise. The group insisted that QC Terme renegotiate Farsura’s 22 p.c stake within the North American enterprise.
“As an alternative of displaying loyalty to Farsura, who had come on board when their North American growth was nothing greater than a pipe dream and shepherded the enterprise each step
of the way in which, QC Terme tried to alter his deal from fairness holder to salaried worker,” the grievance mentioned.
When Farsura declined the change of phrases, QC Terme denied that he was ever a stakeholder, and as a substitute bought all the dear property from the Delaware LLC collectively owned with Farsura, presupposed to dissolve the entity, and tried to money Farsura out for pennies.
Nevertheless in a collection of motions filed Tuesday, largely towards Farsura, the courtroom denied QC Terme’s movement to dismiss the breach of contract claims.
Neither Farsura, his authorized staff nor QC Terme responded to requests for remark.
The Italian spa operator was the primary business tenant on Governor’s Island, the Wall Avenue Journal reported in 2014, with plans to transform 80,000 sq. ft throughout three buildings. WWD reported the event hit a snag with the onset of the pandemic, which tanked QC Terme’s income from 91.5 million euros in 2019 to 39 million euros in 2020.
All informed, the challenge’s first part has yielded a $50 million redevelopment of army barracks. The situation opened this spring, providing indoor and outside areas for spa and wellness remedies a ferry trip away from the Monetary District.