A week ago it was announced that a deal had been put together between the bankrupt Revel AC and Florida developer Glenn Straub’s Polo North Country Club to transfer the $2.4 billion property for the sum of $82 million. Straub said he would invest another $100 million – half outside and half on the interior. Part of the exterior plan may be his previously mentioned desire to build the world’s largest water park.
The deal is set to close March 31 if approved by the U.S. Bankruptcy Court of New Jersey.
Yesterday the Philadelphia Inquirer reported that California development partners Leo Pustilnikov and Isek Shomof have also tendered an offer which they claim is worth more than Straub’s. They contend that Straub’s offer of $82 million is actually only worth $72 million because it includes a $10 million deposit that was forfeited when the purchase wasn’t completed by a February 9 deadline. The Los Angeles developers are offering $80 million, and according the inquirer article, they “… submitted an offer and provided proof of funds for the entire purchase…”
The issue will be in front the judge on Wednesday. ACR Energy Partners L.L.C., has a major stake in the physical plant that services Revel with air conditioning, hot water, and electric distribution and they have asked the judge to take the sale out of Revel’s hands. Lease holders in the building are also reportedly not happy with the Straub deal as he wants unfettered freedom to do what he wishes with the building should he be the successful buyer.
Isek Shomof is a prominent west coast developer who has renovated many iconic downtown L.A. office buildings and hotels. He is currently working on plans to turn the Sears Tower in Boyle Heights into the largest high-rise in the West and possibly the country.
According to corporationwiki.com, “Glenn Straub is the President of Polo North Country Club, Inc.. Glenn’s additional corporate interests include Blue Cypress Homeowners’ Association, Inc., Marina Funding Group, Inc. and thirteen more corporations. Glenn’s past corporate affiliations include Cac Aggregates, Inc., Kk Aggregates, Inc. and six others.”