Ddg Partners, a New York-based real estate development firm known for luxury residential projects, is facing a lawsuit filed by co-founder Peter Guthrie seeking the company’s dissolution. The lawsuit, filed as a summons, also seeks $1.5 million in damages from the other three co-founders: Joseph McMillan, Christopher Prokop, and John Keeler.
While details are limited due to the nature of the filing, the lawsuit points to potential internal conflict within DDG Partners. The firm, established in 2009, has developed notable properties in New York, including 41 Bond Street, 12 Warren Street, 100 Franklin Street, and the controversial 180 East 88th Street. This Upper East Side project faced community opposition due to its height and design, and its penthouse recently sold below asking price.
DDG Partners’ most recent project is 532 West 20th Street, an 11-story luxury condominium in Chelsea. Construction on this nine-unit building concluded in 2021. However, according to PincusCo, DDG hasn’t announced any new projects since 2020. This lack of new development activity, coupled with the current lawsuit, raises questions about the future of DDG Partners.
The co-founders’ current professional paths seem to diverge from DDG. McMillan leads another development firm, Azur. Guthrie co-founded the design studio Yellowtrees, and Prokop works as an associate broker with Serhant. This shift in individual career trajectories may contribute to the internal disputes within DDG.
This isn’t the first time DDG Partners has faced internal conflict. In 2015, senior advisor John Keeler initiated arbitration against company executives, alleging wrongful accusations and an attempt to diminish his 20 percent stake in the company. The arbitration panel ruled in Keeler’s favor in 2016, confirming the award a year later.
This history of disputes, along with the current lawsuit seeking dissolution and damages, suggests significant challenges within DDG Partners. The outcome of this lawsuit could significantly impact the firm’s future operations and its standing in the New York real estate market. Whether DDG Partners can overcome these internal conflicts remains to be seen. The legal proceedings will likely provide further insight into the issues that led to this point and ultimately determine the fate of the company.
