"Long-time real estate operator Philip Pilevsky and his associates bring their action in a tortious effort to squeeze more money out of an investment in which plaintiffs have already almost doubled their money in less than eight months," the Hadars' suit states.
The group consists of the Hadars and other business associates.
Prior to closing on the property, the Hadars brought in the Blue Chip group, which invested $12 million in the property.
In the months that followed, the Hadars sought to terminate the Time Warner lease.
After the buy-out agreement was reached, the Hadars were successful in terminating the Time Warner lease and reached an agreement to sell the building to LWMH for $200 million.
The Blue Chip group claims that the buy-out agreement was ''procured through fraud and gross violations of fiduciary duty" and, therefore, it is "ineffective and void." The Hadars disagree.
"Prior to the buy-out agreement, the Hadars had informed the Blue Chip group of the fact that they had held discussions with several parties, such as LVMH and Zegna, with respect to the property," the Hadar suit states.
Real estate upstart Eric Hadar could be squeezed out of the sale of the 1.6-million Citigroup Center because of dueling lawsuits that pit Hadar against some former business partners.
The partners, who teamed up with Hadar and his father Richard Hadar to buy 1 E.
, 36, formed a real estate company, Allied Partners, in 1993, when he bought a two-story building in the East Village.