9 New York Ave LLC v. JLL (NoMa Apartment Tower NOI-Inflation Fraud Suit)
9 New York Ave LLC, the ownership entity behind a 115-unit luxury apartment tower in Washington, D.C.'s NoMa neighborhood, sued JLL on August 21, 2026 in Cook County Circuit Court, accusing the brokerage of deliberately inflating net operating income projections used to size the project's construction financing. The developer says it sold the completed building for $30.5 million in April 2026, well short of the returns JLL's numbers had projected, and is seeking more than $12 million in damages.
Why it matters
Places litigation risk on the advisory side of a development deal rather than the usual borrower-lender dispute, testing how far a developer can hold a brokerage's financial projections to account after a project underperforms. Owners and lenders who rely on third-party NOI projections to size construction debt should scrutinize the underlying assumptions independently rather than treating a brokerage's pro forma as a given.
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