A short-lived partnership between Miami real estate broker and investor Emile Farah and Aventura businessman Amram Adar ended on a sour note when Farah sued Adar over a $17 million land sale in North Miami Beach.
Farah, who runs USA Lending and Realty, claims in the Miami-Dade Circuit Court lawsuit that the 18-acre land deal was part of a joint venture he and Adar formed in 2013 to acquire and flip properties. In the Sept. 24 complaint, Farah and his attorney Robert Stok state that Adar promised the broker a 10-percent equity stake and a 3-percent commission fee in these deals. Stok said Farah is owed at least $500,000 for the broker fee and “seven figures” for his equity stake.
Adar and his brother-in-law Jacob Elharar, who is also named in the suit, control the Delaware-registered company Moore 77 LLC that bought the land at 15780 West Dixie Highway. They purchased the acreage from Tampa-based Antigua at NMB Development, according to the suit.
Adar said he is unaware that Farah is suing him and Elharar. He denied the North Miami Beach land was included in his partnership with Farah.
“I never gave him a promise of 10 percent on that property,” Adar said, adding that Elharar owns 100 percent of Moore 77. “I believe Emile is due a referral fee and the buyer, my brother-in-law, offered him $25,000.”
According to Farah and Stok, the partnership between the broker and Adar focused on properties in Brickell and surrounding neighborhoods. Eventually, they branched out as far north as Fort Lauderdale and as far west as Naples. The lawsuit claims the ex-partners had numerous contracts to buy properties together.
Adar, who moonlights as a wedding singer and released an album in 2011, disputes that claim.
“Nothing happened with those deals,” Adar said. “We always tried to do something, but it didn’t work out.”
Farah said Adar took advantage of him by working out of his Brickell office and using his real estate connections. In the case of this deal, Farah claimed that in March, Boynton Beach-based real estate broker Rick Marchetta came by the office, inquiring if Farah had any listings in the neighborhood. Farah said he instantly recognized Marchetta as the broker who represented Antigua, the previous buyer of the 18-acre lot. In 2004, Farah represented a former owner who flipped the land to Marchetta’s client, who paid $6.1 million for the designated brownfield site. The land was previously used by a gas distributor and would require state-mandated environmental remediation before redevelopment can occur.
Marchetta “told me he had it listed and that his client was looking to sell it,” Farah said. “I introduced him to Adar.”
When reached, Marchetta declined comment, citing the pending lawsuit.
Farah said he allowed Adar to handle negotiations, never suspecting he was going to get cut out of the deal.
“He was still working out of my office when they closed,” Farah said. “He kept promising to bring me the check. Then he disappeared.”
A summons was issued to all defendants in the case on Sept. 29, according to court records.
While Palm Beach’s biggest firms have significantly less agents than those in Miami-Dade and Broward counties, their hooks remain the same: competitive commission splits, technology and in-house tools and training.
The Real Deal ranked real estate firms in Palm Beach County by the number of actively licensed agents and spoke to executives about recruiting strategies, commissions and top sales for the year.
Here are the top five:
#1 Keyes Company | 526 agents
Keyes has 11 offices and four satellites in Palm Beach County, president Mike Pappas said. The family-owned and operated firm targets a mix of newly licensed and experienced agents. Keyes is on track to reach $4.3 billion in sales this year, and hires more than 1,100 agents a year statewide.
While most of its agents are in Miami-Dade and Broward counties, Keyes leads the ranking in Palm Beach. The brokerage also has an in-house corporate relocation program, based in West Palm Beach.
Keyes has recently refinished or relocated up to eight offices in Palm Beach County. “We think facilities still matter,” Pappas said.
Steve Reibel, vice president of recruiting, previously said that commission splits between the agent and company vary from 60 percent to nearly 90 percent, “pending the level of production.”
Pappas has said the firm is “very aggression on splits.”
#2 Coldwell Banker | 466 agents
Coldwell Banker has 10 offices in Palm Beach County, including Boca Raton, Delray Beach, Jupiter Beach, Wellington, Palm Beach Gardens, West Palm Beach and Boynton Beach.
Duff Rubin, regional senior vice president, would not disclose the company’s commission split policy but said, “We as a company try to be more of a value-proposition brokerage,” including Coldwell Banker’s tools, management and support. “Commission splits are typically based on production. You’re only as good as your production,” he said.
The top sale in Palm Beach County was a single-family home at 600 Northeast Fifith Avenue in Boca Raton. Jonathan Postma had the listing for the property, which sold for $8.3 million.
Rich Fleischer, regional vice president of Coldwell Banker east central region of Florida, said sales are split evenly between condos and single-family homes. “We do not focus solely on one type of property or one specific price point. Our overall goal is to ensure that the customer has the best real estate experience possible, regardless of property type,” Fleischer said.
The company hires about 225 agents, a mix of experienced and newly licensed, in the county on an annual basis.
#3 Illustrated Properties | 435 agents
Illustrated Properties has 23 offices in Florida. The firm offers online marketing tools, a lead generation program, training classes and mentoring programs, according to its website.
The company also provides in-house marketing.
Debbie Zuloaga, director of recruiting, could not be reached for comment.
#4 ERA Home Run Real Estate | 373 agents
Home Run Real Estate hires about 50 agents a year, owner Debbie Smith said. The company has three offices in Palm Beach, including Palm Beach Gardens, Royal Palm Beach and Lake Worth.
Smith said she doesn’t pay for recruiting, and that ERA’s technology brings the majority of her agents. Home Run offers services like a seller security program, a Palm Beach County auction department and a Zap platform for its agents. Smith also provides a real estate boot camp, which takes agents from contract to closing.
Home Run, which was founded in 2003 and affiliated with ERA in July, does not charge its agents monthly fees. Smith would not disclose its commission split policy. It’s closed about $200 million in transactions this year, Smith said.
#5 United Realty Group | 356 agents
United Realty Group offers 100 percent commissions with a flat per-transaction fee. The firm has four branches in Palm Beach County, according to Melanie Brownell, director of recruitment. It hires on average 20 agents a month.
The majority of sales in the county come from single-family homes, she said.
United Realty, which is in the tri-county area and Orlando, doesn’t charge its agents desk or franchise fees or provide training. It offers a 100 percent commission with a $299 transaction fee.
Year-to-date, United Realty has $810.3 million in sales. The firm has 13 offices with two additional locations opening early next year. Top sales this year include a commercial sale in West Palm Beach in August for $4.8 million.
Beautifully maintained, immaculate 2BR/2BA with bonus den. Kitchen boasts granite counters & back-splash. Large tile on diagonal in living areas, carpet in bedrooms. Full-size washer/dryer inside. Screened entry-way on quiet, dead end street. Canal view from screened lanai. Active community with many amenities, pool, hot tub, Har-Tru tennis courts.
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Keyes has 11 offices and four satellites in Palm Beach County, president Mike Pappas said.The family-owned and operated firm targets a mix of newly licensed and experienced agents. Keyes is on track to reach $4.3 billion in sales this year, and hires more than 1,100 agents a year statewide.
Rich Fleischer, regional vice president of Coldwell Banker east central region of Florida, said sales are split evenly between condos and single-family homes. “We do not focus solely on one type of property or one specific price point. Our overall goal is to ensure that the customer has the best real estate experience possible, regardless of property type,”Fleischer said.
Smith said she doesn’t pay for recruiting, and that ERA’s technology brings the majority of her agents. Home Run offers services like a seller security program, a Palm Beach County auction department and a Zap platform for its agents.Smith also provides a real estate boot camp, which takes agents from contract to closing.