Thakkars claim Safehold cut them out of office-to-resi conversion

The Texas-based owners of a Midtown office tower bought online at a bargain-bin price are accusing the ground landlord of icing them out of their planned office-to-residential conversion. In a new lawsuit filed Wednesday in New York state Supreme Court, McKinney, Texas-based Thakkar Developers, owned by the Thakkar family, claims land owner Safehold wrongfully attempted to terminate Thakkar’s 104-year ground lease at 135 West 50th Street as the developer worked toward a redevelopment with Nathan Berman’s MetroLoft. The suit comes after Safehold filed its own lawsuit last week seeking to eject the Thakkars from the 23-story building and terminate the […] This article originally appeared on The Real Deal. Click here to read the full story.