Alphonse Fletcher Jr. has a long and complicated history with famed Upper West Side co-op The Dakota. There was the lawsuit he filed alleging racism against the building’s co-op board, which he once helmed; the court-ordered sale of the $12 million apartment he shared with wife and former Reddit CEO Ellen Pao to pay legal fees for said suit and to reimburse investors defrauded by Fletcher’s asset management company; and now, another development.
The Post reports that Fletcher has quietly agreed to a sum that will keep his mother in the apartment he purchased for her in 2002 (h/t The Real Deal). When Fletcher’s hedge fund went broke in the years following the purchase, the former Wall Street wiz wasn’t able to keep up with maintenance and service costs for the building.
The Dakota sued Fletcher’s mom in Housing Court seeking $108,000 in April. The case was settled in October, with Fletcher coughing up $122,588.60. A person close to the case said that of that sum, $103,000 would go towards an unpaid assessment for roof repairs. With the settlement, Fletcher’s mom maintained the ability to stay in the apartment.
The same does not go for Fletcher, whose two-bedroom, three-bathroom pad is on the market for $12 million.