The Real Deal New York

LES co-op board members investigated over missing funds

December 09, 2013 09:13AM


157 Broome Street

The city is investigating two board members at a 28-unit Lower East Side co-op building who allegedly stole $120,000 from the property’s bank account over the course of a year.

Complaints from other shareholders at the six-story building at 157 Broome Street led the Department of Housing Preservation and Development to review tax data. Two boards members, Maggy Almonte and Martha Pichardo (also the board president), allegedly failed to file required financial documents with the city. Pichardo and Almonte both received $29,881 in salary, or “management fees” in 2010. They wrote checks to themselves for more than $38,400 over a span of eight weeks, tax records show.

The building is income restricted under an HPD program, according to the report from the New York Post.

“The board has not been compliant with their regulatory agreement and requirements to provide the agency with current documentation,” a city official told the Post.

Pichardo denied that she was a member of the board and that she made payments to herself or Almonte with building funds. [NYP]Mark Maurer

  • dontpissmeoff


  • noclist

    Some jail time should fix this up.

    • n1wes

      i agree

  • Jasmin Richards

    Pichardo is a Liar. She is the president of the building.

    • truth

      do u have proof? If u don’t have proof don’t comment. In the end the truth will come out…

  • Sally

    Being on a coop or condo board is a license to steal – there are no governmental regulations.

  • LaMujer

    Dumb jerk made this stuff up cause he couldn’t get on the board. By the way since when is Katz an expensive restaurant.

  • Evelyn Cruz

    it states they are being investigated,innocent till proven guilty!lets not be so quick to judge

  • Karma Is a B

    They have defrauded the building for years. It’s only a matter of time when HPD digs into their paperwork and puts them in jail for a very long time.

  • amy whinehouse

    They should go to jail. Both of them are a disgrace

  • ArthuroRodriguez

    Her husband is the biggest drug dealer on the block lol. Who gave this chick President of the building?

    • n1wes

      is he really? no wonder she seems illiterate