Recording a Lis Pendens against a piece of property alerts apotential purchaser or lender that the property's title is inquestion, a prepared statement from Leslie Dick Worldwide explains.And according to Peter Schillinger, a partner with WhitePlains-based law firm Odesser, Schillinger & Finsterwald LLP,who is not involved in these particular legal matters, "recording apre-judgment Lis Pendens against a property often results in theproperty owner's losing the potential sale or refinancing. Thepotential buyers or lenders typically do not want to have to dealwith the dispute and title uncertainty."


CB Richard Ellis is currently marketing the 50-story GM Building, previously reported. The appeal of the New York StateSupreme Court Order is another step that the plaintiff is taking tooverturn what he claims to be a "fraudulent conveyance and transferof ownership of the GM Building to Harry Macklowe in 2003, out ofthe Conseco bankruptcy estate." As previously reportedin July 2006, Dick had filed court papers claimingthere was a bid rigging fraud conspiracy in the sale of the50-story building at Fifth Ave and 59th Street.


At the time, Dick's offer of $1.5 billion was shunned forMacklowe Properties' $1.4-billion BankruptcyCourt bid in September 2003. The seller, Conseco Inc., was themajority owner and executed the sale in order to raise cash afterdeclaring bankruptcy in 2002. When Conseco and Donald Trump boughtthe building in 1998 they paid $800 million, or $500 per sf, whichwas then one of the highest prices paid for a New York officetower. The original complaint filed by Leslie Dick was dismissedwith prejudice on Nov. 29, 2006 and defendants denied allclaims.


Stuart Saft, a partner at law firm Dewey & LeBoeuf LLP, whorepresents Macklowe Properties, declines to comment on this legalchallenge. A spokesperson for Macklowe Properties tells GlobeSt.comthat the company "has no comment regarding this challenge at thistime." CBRE was not available for comment by press deadline. Theplaintiff's appeal is being prosecuted by Robert Hantman of locallybased Hantman & Associates.

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Natalie Dolce

Natalie Dolce, editor-in-chief of and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel,, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including and Museums New York magazine.