The Real Deal New York

Rabbi-to-the-real-estate-stars accused of financial mismanagement at townhouse

March 18, 2011 06:30PM

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Rabbi Pinto, 409 East 58th Street (source: PropertyShark)

While Rabbi Yoshiyahu Yosef Pinto is revered in many New York City real estate circles for his insights and advice, an article from the Jewish Daily Forward has called into question whether Pinto is as reliable an advisor as he’s believed to be. An investigation by the paper shows that Pinto’s non-profit organization, Mosdot Shuva Israel, is in dire financial straits, and that the rabbi himself may not be adhering to the modest lifestyle he espouses. The Forward found that the Rabbi to the real estate stars’ $6.5 million Manhattan townhouse — which is technically owned by Mosdot Shuva Israel — is currently at risk of falling into foreclosure, and that the non-profit itself hasn’t paid off a $48,000 judgment resulting from its failure to obtain workers’ compensation insurance. Pinto’s townhouse is located at 409 East 58th Street, a source told The Real Deal. Times have been tough for Pinto recently, with his pet project, a multi-million-dollar synagogue inside the Trump Place condominium at 240 Riverside Boulevard at risk of falling into foreclosure. Keller Williams’ franchise owner Ilan Bracha is among the Rabbi’s fan, as well as basketball star LeBron James, who recently sought Pinto’s counsel. Pinto was not immediately available for comment. [Forward]

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