- 74 -
Seven months after the initial meeting with Ballard, Prudential
bought the building. Schaffel received a fee from brokering the
sale of the building and paid half of the fee to IRA.
Some of the projects Schaffel assisted Torcivia in obtaining
with Prudential included the Parsippany Business Campus, the
Parsippany Hilton Hotel (located outside of Newark, New Jersey),
the Gateway (located in Newark, New Jersey), and the Interplex
Complex (located in Princeton, New Jersey).
Walters agreed to pay Schaffel a finder's fee with respect
to two joint ventures that Walters helped negotiate with
Prudential. Schaffel entered into separate written agreements
dated October 19, 1981, with Cherry Creek Place Associates II
(Prudential funding of $15.6 million) and Aurora Plaza &
Conference Center, Ltd. (Prudential funding of $17 million), with
respect to the joint ventures. In each agreement, the
partnership acknowledged that Prudential's participation in the
venture was primarily the result of Schaffel's efforts and that
Schaffel was entitled to be compensated.
From 1979 through 1983, pursuant to his arrangement with
Kanter, Schaffel shared with IRA fees from these business deals
with Prudential. Schaffel paid the following amounts from
Prudential transactions to IRA from 1979 through 1983:
Page: Previous 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 NextLast modified: May 25, 2011