Terra, Russell Galbut sued over Five Park short-term guest suites

A luxury penthouse buyer sued Terra and Russell Galbut alleging a bait-and-switch amenity offering at their 48-story Five Park condo tower in South Beach. Former hedge fund portfolio manager Jay Newman, as trustee for the Jay H. Newman trust, alleges the development entity failed to make short-term guest suites available for condo owners’ invitees, despite promising them as part of marketing the development, according to the suit. The complaint against the development entity, TCH 500 Alton, was filed in Miami-Dade Circuit Court in August.  The trust led by Newman, a former portfolio manager at Paul Singer’s Elliott Management, paid $17.3 […]This article originally appeared on The Real Deal. Click here to read the full story.