Co-op / Condo News: No Happy Days for Ponzi, $80K Parking Space, More
Aug. 5, 2013 — Recent news affecting co-op / condo buyers, sellers, boards and residents. This week, long faces on Long Island, as a the FBI arrests two men they allege ran a Ponzi scheme at their Montauk resort containing over 100 co-op apartments. Another kind of white-collar criminal may be robbing you when you apply for a mortgage. And is it criminal to pay $80,000 for parking space at a car condominium? Plus, the co-op board of The Cambridge House sued the City to get Citi Bike racks in front of its building removed — and now the City says it's above the law and the courts have to stay out!
Read all the latest co-op /condo news for buyers, sellers and board members in Habitat's weekly Monday News Roundup. Also included: Permanent archival links: If a link ever goes dead, you'll still be able to read the backup at WebCitation.org.
Co-op / Condo Buying, Selling, Living...
- "FBI Busts 2 Montauk Resort Owners Who Allegedly Fleeced Investors for $96 Million in Ponzi Scheme" involving 117 co-ops in Montauk, by John Marzulli, and "Feds: Brian Callahan, Adam Manson Charged in Nearly $100M Ponzi Scheme" by Robert E. Kessler, Nicole Fuller, John Valenti, Chau Lam, Colleen Jaskot, Maura Mcdermott and Valerie Kellogg (Newsday)
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"Shady Upselling Returns to Mortgage Market" by Kenneth Harney (TheRealDeal.com)
- "Park Slope Parking Spot Sells for $80K" by Leslie Albrecht (DNAInfo)
- "Trust in Tax Breaks: Co-ops and Condos Held by Trusts Will Get Abatements, LLCs Not So Lucky" by Kim Velsey (The New York Observer)
- "Regency East Co-op Snatches Up 64th Street Retail Lease for $5.5M" by Melanie Keenan (Eastern Consolidated press release via National Real Estate Investor)
- "Out and About: 2-bedroom Units Are All the Rage" by Malcolm Carter (Service You Can Trust blog)
- "Ring Around the Collar at 535 Park Avenue [Co-op]" by Christopher Gray (The New York Times)
Co-op / Condo Board Issues...
- "NYC DOT Claims Courts Can't Review Placement of Citi Bike Bike-Share Racks" in lawsuit filed by The Cambridge co-op, Julia Marsh (New York Post) The Cambridge House 175 W. 13th Street Greenwich Village
- "A Proposal to Renovate Barren Space / Condo Sues Builder for Flaws" by Jay Romano (The New York Times)
WebCitation archives:
FBI • Feds • Shady Upselling • Park Slope • Tax Breaks • Regency East • Out and About • Ring Around • NYC DOT • Proposal / Condo Sues