Thursday, 12 May 2016

Financier's Dakota Apartment Hits the Market For $12M After Court-Ordered Sale

Embattled financier Alphonse Fletcher Jr.'s apartment is being sold to pay creditors

The apartment of embattled financier Alphonse Fletcher Jr. at iconic Manhattan building The Dakota appeared on the market this morning asking $12 million. The listing is the culmination of Fletcher's on-going woes at the prestigious co-op. It comes after a judge ordered the sale in February in order to pay creditors, the Journal reports.

Fletcher's woes at the iconic address, at which he's made home since 1992 and formerly served as president of the co-op board, reach back at least a few years. In 2011, Fletcher filed a lawsuit against the co-op board alleging that he was barred from purchasing an additional fifth-floor apartment due to racial discrimination. The co-op board claimed they barred the sale because Fletcher's hedge fund wasn't as robust as he claimed. A judge ruled in the co-op board's favor in September.

The funds garnered by the sale of Fletcher's seven-room apartment will go in part to pay legal feed incurred by the co-op board in connection to Fletcher's lawsuit, as well as to a law firm Fletcher had yet to compensate for their legal services. Proceeds will also go to investors who say they were defrauded by Fletcher's management company, Fletcher Asset Management, the Journal reports.

The fifth-floor apartment features original mahogany details and Central Park views, and is being sold alongside two additional spaces in the building owned by Fletcher: a staff room listed for $350,000 and a penthouse studio asking $1 million.



from
http://ny.curbed.com/2016/5/12/11665178/alphonse-fletcher-jr-dakota-apartment-nyc

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