Olshan Files Lawsuit on Behalf of The Hoeg Corporation

The Real Deal and Commercial Observer reported that Olshan filed a lawsuit on behalf of its client The Hoeg Corporation against the Peebles Corporation claiming that the company breached the joint venture contract they formed to bid on city-owned redevelopment projects. According to the lawsuit filed in Brooklyn Supreme Court and under the terms of the agreement, Hoeg was the “driving force” behind the venture’s proposal to the New York City Economic Development Corporation in submitting the winning bid for 346 Broadway, 22 Reade Street and 49-51 Chambers Street. When it came time to finalize the deal on 346 Broadway, a landmarked building which is being converted into condominiums, Peebles denied entering the joint venture and brought in the Elad Group as the controlling partner. Olshan Partners Kyle Bisceglie and Eric Goldberg are serving as counsel to The Hoeg Corporation in this matter.