Developer gets $21.5M judgment in Miami-Dade

A developer won a $21.5 million Miami-Dade Circuit Court judgment against a former business partner in several projects in South Florida and Las Vegas.

Judge Herbert Stettin awarded the judgment to Mordechai Boaziz, who sued David Houri in 2008, South Florida Business Journal reported. Both Boaziz and Houri are Israeli immigrants who live in Miami-Dade. They partnered on the $55 million acquisition of an apartment conversion project in Las Vegas in 2004.

Stettin ruled Houri’s company improperly received a $1.5 million brokerage fee on the Las Vegas deal. Around the same time, the two men and a partner gave a deposit toward the $3.5 million purchase of a Hallandale Beach property before Boaziz sold his interest to Houri for $490,000. The judge determined Houri did not disclose he was negotiating a flip of the property, which occurred after Boaziz sold his stake in the venture.

Boaziz was also awarded one-third of the $7.5 million in profits from for an apartment conversion in Port Orange. [South Florida Business Journal] — Eric Kalis

via The Real Deal Miami http://ift.tt/1eVOXBw