Jacob Frydman
| Jacob Frydman | |
|---|---|
| Born |
Jacob Abraham Frydman September 5, 1957 New York City, New York, United States |
| Residence | Hyde Park, New York |
| Occupation | Real Estate developer |
| Spouse(s) | Elyse J. Frydman (1984-1997; divorced; 2 children) Monica Libin (1998–present) |
| Children | 2 |
| Parent(s) | Lea Fishman Frydman Michel Frydman |
Jacob Frydman is an American real estate developer from Hyde Park, New York investing in commercial real estate projects in the East Coast of the United States.
Frydman has been either an active or passive participant in a few real estate transactions. Some of his real estate investments in New York include the acquisition of the Global Crossing building from Goldman Sachs, and acquisition of 500 Tenth Avenue, which he re-developed into the DHL Center in Manhattan.
Frydman's first business deal took place in 1984 in Cleveland, Ohio. Frydman structured the deal by acquiring all the outstanding stock of Feldman Bros Produce, Inc., by borrowing against its assets for the acquisition. In January 1985, Produce and Feldman ceased operations. They also withdrew from their multi-employer pension plan and incurred $493,529.09 in withdrawal liability. Frydman liquidated the companies' assets and, with them, partially repaid Mahoning's loan. Apparently, Frydman paid the Fund nothing. The fund sued and received a judgement against Frydman and his companies in the amount of $1,076,612.77.
Frydman was a founding managing partner of Lambdastar Infrastructure Partners LLC, a firm providing advice on and investing in U.S. infrastructure projects. In a bid said to be able to rescue the city of Harrisburg, Pennsylvania out of its bankruptcy, Frydman has offered to lease the city-owned parking and other infrastructure assets from them. The media uncovered that Frydman and Lambdastar had failed to raise any money to close the deal and the bid was rejected. Having raised no funds Lambdastar was forced to close its doors.
Frydman is the former chairman and chief executive officer of the public Real Estate Investment Trust, United Realty Trust a small public non traded real estate investment trust. The firm invested in real properties, and joint ventures with others. The former president and co-founder resigned and sued Frydman for illegally moving investor funds into his own account. Frydman was also sued a year later by the Chief Compliance officer Al Akerman who later said his claims were based on “apparent misrepresentations” made by third party and recanted all fraud charges against CEO Frydman In September 2015 Frydman announced the sale of the company to Suneet Singal from Sacramento-based First Capital. The Company then changed its name to First Capital Realty Trust.
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