At this point Consolo and Aquino came in to handle the retail leasing, but Insignia didn't give up on the building. "In the interim we didn't abandon the project," says Green. "We decided that we had a better shot at closing a deal because of our history with the location."

Exactly who brought Toys to the table, and how much of the deal was done before Insignia got involved again is unclear, pending the outcome of the on-going litigation. But what is clear is that Toys was, at the very least, in talks with Consolo.

"Insignia found out that Toys 'R' Us had been looking at this building unbeknownst to us," reports Mendelson. "Once we found out that they were looking at the building, it became apparent that this was a building that they wanted to become involved with."

Given that Insignia admits Toys was looking at the building, there is the inclination that Toys was talking with Consolo to some degree. On top of this statement, Insignia tacks on that they were able to finish the deal in 90 days despite several obstacles that had to be overcome before Toys would ink the deal.

Problems like getting zoning for Toys' docking privileges, getting permits to change the building use from theater to retail and moving the Jockey and ABC signs to get Toys the frontage they were seeking were all resolved in a mere 90 days. David Green of Insignia says that the company's history with the building and the caliber of the people they put together to address these issues facilitated the speed of the transaction.

In the end, after all the speculation is laid aside and the facts come out, the courts will decide each party's level of involvement. Until that point, the only known fact is that Toys is on tap to open its new flagship store by the fall of next year.

--Anthony Garritano is assistant editor of Real Estate New York and Real Estate New Jersey.