Estate of Isaac Hersko v. Barry Hersko

New Jersey Superior Court Appellate Division·Decided January 2, 2026·No. A-2622-23·Unpublished

Opinion

NOT FOR PUBLICATION WITHOUT THE APPROVAL OF THE APPELLATE DIVISION This opinion shall not "constitute precedent or be binding upon any court ." Although it is posted on the internet, this opinion is binding only on the parties in the case and its use in other cases is limited . R. 1:36-3.

SUPERIOR COURT OF NEW JERSEY APPELLATE DIVISION

DOCKET NO. A-2622-23

ESTATE OF ISAAC HERSKO, 1

Plaintiff-Appellant/Cross-

Respondent,

v.

BARRY HERSKO, BELLA HERSKO, and CHAIM SIMKOWITZ,

Defendants-Respondents/

Cross-Appellants,

and

THE ROSEVILLE TOWER, LLC,2

Defendant-Respondent.

Argued December 15, 2025 – Decided January 2, 2026

1 Regrettably, Isaac Hersko passed away while his appeal was pending.

2 Defendant-respondent The Roseville Tower, LLC, is not participating in this appeal.

Before Judges Gilson, Firko, and Vinci.

On appeal from the Superior Court of New Jersey, Chancery Division, Essex County, Docket No.

C-000220-21.

Anthony Genovesi (Abrams Fensterman, LLP) of the New York bar, admitted pro hac vice, argued the cause for appellant/cross-respondent (Greenbaum Rowe Smith & Davis, LLP, Anthony Genovesi and Melanie Wiener (Abrams Fensterman, LLP) of the New York bar, admitted pro hac vice, attorneys; Darren C.

Barreiro and Anthony Genovesi, of counsel and on the briefs; Thomas K. Murphy, III, and Melanie Wiener, on the briefs).

Harris N. Cogan (Blank Rome LLP) of the New York bar, admitted pro hac vice, argued the cause for respondents/cross-appellants Barry Hersko and Bella Hersko (Blank Rome LLP, attorneys; Jonathan M.

Korn, Michael R. Darbee, Harris N. Cogan and Craig Flanders (Blank Rome LLP) of the New York bar, admitted pro hac vice, on the briefs).

Michael D. Malloy argued the cause for respondent/cross-appellant Chaim Simkowitz (Finestein & Malloy, LLC, attorneys; Michael D.

Malloy and Corrine LaCroix Tighe, on the briefs).

PER CURIAM

A-2622-23

Plaintiff Estate of Isaac Hersko (Isaac 3 or Estate) appeals from an April 15, 2024 order dismissing his claims with prejudice against defendants Barry Hersko and Bella Hersko (collectively the Herskos), The Roseville Tower, LLC (Roseville Tower), and Chaim Simkowitz following a bench trial. The Chancery Division judge dismissed all claims asserted by all parties with prejudice primarily based on the doctrine of unclean hands. Simkowitz cross-appeals from the same order that dismissed his cross-claims against the Herskos. The Herskos cross-appeal to protect their claims against Simkowitz in the event that his cross- claims are restored on appeal. We affirm.

I.

Factual Background

We derive the pertinent facts from the record. Isaac and Barry were brothers. They had various business relationships and owned residential properties both in New York and New Jersey. Barry worked for Isaac selling corrugated materials. Ultimately, Barry decided to start his own real estate business. He acquired several properties in New York and enrolled in a special program in New York City aimed at making his vacant apartment units available

3 Parties and individuals who share a last name with other parties and individuals are referred to by their first names for ease of reference. By doing so, we intend no disrespect.

A-2622-23

to homeless individuals. When Isaac's corrugated materials business became unsuccessful, causing him to struggle financially, Barry proposed that Isaac form an entity to lease apartments from Barry's affiliated entities and manage the apartments as an intermediate service provider. In response, Isaac created, "We All Care, Inc.," which made apartments available for homeless individuals under a New York City sponsored program. We All Care, Inc. paid a daily rate to Barry's affiliated entities for the apartments. In return, We All Care, Inc. received funding from New York City and earned the difference in profits.

On April 20, 2007, Roseville Tower, a New York limited liability company, purchased a vacant and abandoned property located at 140-148 Roseville Avenue in Newark (the Roseville property) comprised of 270 residential units for $5.825 million from Shlomo Karpen, his wife Esther Karpen, Israel Perlmutter, and his wife Esther Perlmutter. Shlomo and Israel each own a 50% membership interest in Roseville Tower. Esther Karpen and Esther Perlmutter guaranteed repayment of the first mortgage with their husbands.

Roseville Tower signed and executed a promissory note and mortgage with Isaac and Barry to acquire the Roseville property in the amount of $2.5 million at a 12% annual interest rate. In addition, Roseville Tower signed and

A-2622-23

executed a subordinate note and mortgage in the amount of $3.22 million with GIAIP, LLC, a New York limited liability company. Gloria Adler is the managing member of GIAIP, LLC. Subsequently, Roseville Tower defaulted on its mortgage with Isaac and Barry.

On January 4, 2010, Isaac and Barry entered into an agreement with Roseville Tower and its owners to resolve the default. Under the agreement, Roseville Tower agreed to make a $750,000 lump sum payment to reduce the $1.5 million principal balance and to pay Isaac and Barry's legal fees. The remaining principal balance was due on or before June 25, 2010, secured by 100% membership of Roseville Tower, assigned on a contingent basis to Barry's wife, Bella.

Shlomo paid the $750,000 lump sum payment, which reduced the principal balance to $750,000. Isaac claimed there was no evidence to prove Bella provided any consideration for the 100% membership interest other than the payment of one dollar since she had nothing to do with the existing mortgages on the Roseville property. Roseville Tower defaulted a second time and consequently, Bella became the 100% owner of Roseville Tower.

After Bella became the sole owner, Barry had discussions with Simkowitz about acquiring 50% of Bella's interest in Roseville Tower. Eventually, an

A-2622-23

agreement was reached. On October 28, 2010, Bella executed a document assigning 50% of her interest in Roseville Tower to Simkowitz. In addition, by way of an assignment of mortgage, Isaac and Barry assigned 50% of the first mortgage interest to Simkowitz. At the closing, Simkowitz wrote two checks: one for $350,000 to Isaac, and the other for $150,000 to Barry.

Simkowitz wanted to satisfy the subordinate mortgage and commence development. According to Barry, a plan was devised whereby he and Isaac would use their leverage on the first mortgage to buy out the subordinate mortgage at a significant discount. Isaac claimed he never participated in this "sham" foreclosure because he had forfeited his interest in the first mortgage, there was no communication about the foreclosure action that involved him, and he had nothing to gain from the transaction. At trial, Barry and Simkowitz testified that Isaac was included in the discussions. Simkowitz recommended retaining the Feinsilver Law Group (FLG) to represent Barry and Isaac in a foreclosure action against Roseville Tower and GIAIP, LLC. Isaac and Barry signed the retainer agreement to retain FLG on the mortgage foreclosure matter. Simkowitz paid FLG's retainer.

A-2622-23

On December 13, 2010, FLG filed a complaint in foreclosure of a mortgage4 (the 2010 foreclosure action) on behalf of Isaac and Barry against Roseville Tower, GIAIP, LLC, and Israel, seeking to foreclose the mortgage, and alleging defendants owed $3.4 million on the note. Shortly thereafter, Isaac and Barry negotiated to purchase the subordinate mortgage. On May 2, 2011, GIAIP, LLC—through Adler—assigned the subordinate mortgage to Isaac and Barry, LLC, for somewhere in the $220,000 to $300,000 range. Barry was the sole owner of Isaac & Barry, LLC. On May 10, 2011, Simkowitz notified FLG the foreclosure matter was settled, and the complaint was dismissed.

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