After Fighting Arthur Becker, Valerie Dillon Sells $4.5 Million Tribeca Pad
A Tribeca apartment at the center of a long-running legal battle between its former tenant and a developer has changed hands.
Gallery owner Valerie Dillon has sold her condo at 465 Washington Street for $4.5 million to buyers Patrick Egeonu and Olaolu Aganga, according to city property records filed on Tuesday.
Dillon and developer Arthur Becker spent years in court fighting over the property as he sought to convert the building into an eight-unit condo project with an expected sale of $52.5 million. The dispute stemmed from Dillon’s interest in buying back his apartment once the project was completed.
Dillon originally purchased the building’s entire third floor from developer Peter Moore in 2007 for $1.5 million. She later invested an additional $300,000 in renovating the space. Dillon then secured a 20% stake in 465 Project LLC, the entity that owned the property, from Moore in 2009. But Moore struggled to make his loan payments and eventually lost his interest in that entity to of Dillon and another tenant, giving them control of the building.
Becker offered to buy Dillon’s interest in the property in 2012 in an effort to complete his condo project. Dillon agreed to sell his 50% interest in the building to Becker, in exchange for buying out his apartment in the converted condo for $50,000.
The condo conversion project was supposed to be completed in 2015, but things haven’t progressed smoothly, according to a lawsuit Dillon filed in February 2021 in which she was seeking right and title to her old apartment. The project had not yet been completed when the complaint was filed.
Becker allegedly told Dillon that construction would begin in 2013, but in 2019 that was not the case, according to the lawsuit. Dillon accused Becker of looking for another buyer for the building rather than trying to complete the project. By not completing it within a certain time, Dillon accused Becker and his company, Madison 465 W, of violating their agreement and “deliberately delaying fulfillment of their obligations”.
Dillon also accused Becker of bringing “strategic delays” to the condo project and alleged that a bid plan filed with the New York Attorney General’s office in October 2020 eliminated his option to buy back the apartment. and allowed the developer to sell the unit to another buyer. .
“The complaint speaks for itself,” Dillon’s attorney, Michael Hanin, of Kasowitz Benson Torres said at the time. “Our client is legally entitled to the third floor apartment at 465 Washington Street and is looking forward to her day in court.”
Becker’s attorney, Kevin Fritz of Meister Seelig & Fein, disputed Dillon’s claims at the time, saying his allegation “is belied by the record and defies common sense.” Fritz said similar claims in a previous lawsuit brought by Dillon were dismissed, in which she submitted an affidavit “acknowledging that any exercise of the option could be rejected by Mr. Becker.”
Fritz declined to comment on the terms of the settlement. Dillon’s attorney has yet to respond when reached for comment.